Keeping the technical analysis on the broad market simple, I only show 2 support/resistance line.
The candle is well supported above the 50SMA.
This is the SPY daily chart. Bullish scenario would mean breaking of the January Highs. All investors are hoping for that scenario. Because if it drops here, it looks like a head and shoulder which is ugly. We do not want an ugly chart. So Traders need to pump this up this week to the highs.
Double dip scenario is unfounded. Economy boosters are seen at every corner.
Unemployment has peaked at 10.0… Credit cost declining, manufacturing up.. China tightening.. FED increased discount rate. Bernanke is smart… he tested the market at its lows…
Bullish on the market to the next earnings season. Buy now, sell on the earnings. That’s the plan.
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