16 August 2011

SP 500 and NDX Futures Daily Charts



The European situation is starting to make Wall Street edgy again. The Merkel-Sarkozy proposal for a financial transactions tax especially spooked the financials.

The market is showing weakness, but there is a strong desire for it to recover. A long down or up candle this week may illuminate its next sustained direction.

"How far that little candle throws his beams!"

Wm. Shakespeare, Merchant of Venice