Short Term Trading Member Forum

[techcharter]

SPX Futures Rebounding

I think this will be a false rebound. The futures look to be making wave c of wave 2 flat. 1120 is an upside target / reversal point.

The euro bounced off yesterday's lows in a zigzag fashion. Wave 3-3-3-3 about to unwind. At least one global market (AORD?) fell below the "flash crash" two weeks ago. The dollar pressed higher yesterday, and is going parabolic. Germany's naked shorting ban is disturbing not because it forces short covering, but because market participants are even less sure of the rules of the game. Without a firm set of rules, it makes forming a strategy very difficult, an added risk. None of this bodes well for global equity markets in the short or long run.

http://charts.insidestocks.com/chart.asp?sym=SPM0&data=Z15&date=051406&den=HIGH&divd=Y&evnt=ADV&grid=Y&jav=ADV&size=D&sky=Y&sly=N&vol=Y&late=Y&ch1=011&arga=&argb=&argc=&ov1=&argd=&arge=&argf=&ch2=&argg=&argh=&argi=&ov2=&argj=&argk=&argl=&code=BSTKIC&org=stk