SPDR S&P 500 (SPY)

[Footquarters]

Hi Fox



nice chart, yep, sure looks like down this morning. They retreated before they hit the 50 MA on the daily, yesterday, which was saying the bulls aren't that confident. The volume was light and 1370 is the area to watch. Looks like it's favorite spot is 1373, so that will be telling. My guess is that with the almost R3 in effect and futures where they are, we will have a down morning with the stochs on the 5,5 slow stochastics, bottoming at the .2 level, with price staying at the 1370 level, till they reverse. Then the TOM effect will start.... after the Ben talk.... If they break the 1370 level all bets are off for longs, as we go into the lower 60 abyss, where we consolidate till the daily MA's retreat to that area. The same thing is happening to the Banks, so the true reversal could come at the same time as the Bradley date....... Then you have the effect of the end of quarter and the earnings after that..... Yep, nice football picture, when is the World Cup again. I do like watching that on T.V. Pretty exciting stuff.