Tuesday, March 24, 2009

Near perfect retracement to the breakout point

Back to 806 on the $SPX. I thought we would retrace to the 805 support level, and 806 is close enough. I expect to rally tomorrow. Energy is the wildcard -- what will the oil inventories report bring? If we get a surprise bullish number, I think the whole market rallies again, strongly. If we get a bearish number, oil could pullback to $50 and the market could levitate in between today's close and Monday's highs.

1 comment:

  1. I didn't sell the 401K yet... maybe I will regret it but as long as we close above 800 we are ok on this rally.

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