The Bullz And Bearz

Resistance Still Close Overhead For SPX

Kirk — Wed, 10 Mar 2010 13:06:02 +0000

/ES and /NQ stock market futures are trading in a tight range this morning traders. Seems the market is continuing to pause here just below the recent highs from a couple months ago, waiting for some news to drive it one way or another. Here are the updated index levels on the SPX intra-day chart.

Today everyone will be examining a report in The Wall Street Journal saying the Federal Reserve is debating how to signal the next rate move, though the central bank is unlikely to change its phrasing about keeping interest rates near zero for a long time during next week’s meeting.

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S&P Technically Has Great Support Here

Kirk — Tue, 09 Mar 2010 12:45:21 +0000

S&P 500 index futures are lower this morning as commodities weakened ahead of a report expected to show another increase in crude oil inventories, a bearish sign for demand in the world’s largest energy consumer. Technology shares will also be in focus one day after Texas Instruments Inc (TXN.N) raised its quarterly earnings and revenue forecast. Oil prices slipped as expected on a stronger dollar and expectations that crude inventories will continue to rise. For now, here are the levels we are working with on the S&P. Actually there are some pretty good support levels below us so it’s going to take some serious selling to break these.

We Still LOST Jobs Last Week!

Kirk — Mon, 08 Mar 2010 13:18:01 +0000

Listen people, we still lost jobs last week. As much as the market’s will try to sugarcoat things now, the reality is here to stay. The report Friday said 36,000 U.S. jobs were lost in February, compared with forecasts 50,000, resulting in a rally that pushed the Dow and S&P to close at six-week highs.

So we LOST fewer jobs than expected but we still LOST jobs! Unbelievable.

For today please check out the SPX chart below. Watch for a sell-off this week down to the first support level at the least.

GS Goldman Sachs Stock Breakout

Kirk — Fri, 05 Mar 2010 16:13:41 +0000

Goldman Sachs (GS) stock had a huge breakout yesterday. Not only did it break out above a key area of price resistance yesterday but GS volume rose above average. The breakout above major resistance is shown on the daily chart below. Typically these breakouts will run to the next higher resistance level which we have shown here for you.

Bulls Fail To Hold Yesterday’s Highs

Kirk — Thu, 04 Mar 2010 13:04:25 +0000

The jobs numbers are coming out soon and of course will play a major role in today’s market direction. Yesterday is what I want to focus on though – with the market failing to hold the highs intra-day. See the chart below but the main thing to grab onto here is that they market rallied early morning and mid-day but then sold off just as fast into the close. What this means is that the market (at least for yesterday) had no confidence in higher prices. Again today will be important…