If market keeps up with futures, S&P will open with a good gap up -- right now, that would be about 1062 cash.
It is too early and things may change into the open.
In any case, a move above 1056 cash may indicate a short term uptrend.
S&P shall have to get above the gap of August 24 and hold it, preferably holding the top of the gap.
If we have had a bottom and mid-term uptrend is about to resume, price should unfold in a very impulsive manner.
A genuine enthusiasm for equities may partly (or wholly) come at the expense of the supposed safe-haven (what-the-hell-ever) trades of US treasuries. It may be a good idea to keep an eye on TLT and IEF.
I will be more interested to see how gold and gold miners perform if equities get a decent run.
S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago