09 April 2013

SP 500 and NDX Futures Daily Charts - Obsessive Compulsive Complacency

Not much in the way of economic news today, and stocks tried to rally up on technicals but failed at the big resistance around 1565 to 1570 which as you know is our intermediate target.

Tomorrow we get the Fed's FOMC minutes at 2 PM, and additionally its now going to be all about earnings and the employment numbers. It will be interesting to see what we get in new claims for unemployment on Wednesday and how the markets react to this.

IF the markets cannot take out 1570 and hold it I suspect they will fall back and try to consolidate in some likely area, as one might easily see on the charts.