If you're short, I'm the sucker going long....: target here is 81

Tuesday, March 31, 2009

umn... I'm a little suspect. That green line is significant overhead resistance.

Tony said...: Agree, with a close below 80 today, the bearishness is overwhelming. Any close below 81.5 by the end of the week is pretty dismal.

The technicals are not exactly scaring the short sellers. Costanza would be a buyer here.; March 31, 2009 at 11:35 AM
Eric said...: looks like we have an 11am high, and we need to build a shoulder.; March 31, 2009 at 11:41 AM
Tony said...: Do you mean the shoulder with the head at the Mar 9 low for an inverse h/s?

or a shorter term bearish h/s with the head from last Friday?; March 31, 2009 at 11:47 AM
Eric said...: inverse from yesterday's low...

but it's struggling to form...; March 31, 2009 at 11:49 AM
Eric said...: that is sort of a mistell

on the spx there is no left shoulder, but in the financials there is one formed on yesterdays opening low.

but the spy looks like it wants to form some kind of wedge up to the 81 level.

then consolidate and ... we will see.; March 31, 2009 at 11:53 AM