07 April 2009

SP Futures Hourly Chart at the Close

Alcoa kicks off earnings season after the bell.

Two formations are on the chart: one bearish and one bullish. The market will tell us which one will be dominant. We are in very light trading because of the short holiday week and trader uncertainty.

Keep an eye on the VIX which is at historically high levels on average, as a symptom of the huge fear and volatility in this market.

P.S. Yesterday when this chart was posted the Pivot label was on the chart but the line associated with it had been left off. It has now been added.

McClellan Oscillator Daily for the NYSE Cash Market