The following is a chart that is not so bullish for the US market. However the trendlines arent broken hard. Trendline breaks are not neccesarily bearish they can also imply sideways action. If the market is strong tomorrow these trendlines will still have significance. Generally we want to see a bigger break than we have currently before positioning accordingly. The reason I am interested in the break is because momentum has been bearish on the US market recently and bearish momentum followed by a trendline break is usually a good short.
I am hesitant about the short side though with EURO, Precious metals, and commodity strength today.
Wednesday, March 31, 2010
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