17 Mar 2014

We finally rallied in the markets and this should alleviate some oversold conditions.  Our trend is still down and we should be mindful of a possible push down to lower lows.  Currently the SPX is sitting just below its 60min 75ma (Shown Below).  There is also a lower trend line resistance and could have already been stopped out.  Our intra-day stochastics is now in overbought territory while our ST is down.  This suggest that the intra-day charts has reset its indicator and now has room to push lower.  We should watch and make sure the 60min stochastics tomorrow does not linger in the OB range for too long.  A gap down would help the Bears case. While the other would support a Bullish case.

MT: DOWN
ST: DOWN
PA: NA (DOW JONES has a possibility of accelerating down)