11 March 2009

SP Futures Hourly Chart @ 3:45 PM


The SP futures front month switches from the March contract to June tomorrow.

This creates some short term noise in the futures as traders adjust their holdings.

So far the breakout attempt has not been confirmed as successful.

The odds of failure remain high and a sell off into the weekend would be in character for this market.

The action in the Treasuries and dollar today are worth noting. We like to follow TBT.

Let's see what happens.