Friday, April 3, 2009

04.03.09 - Bullish Catch at Support

The market came down hard on the jobs report, but was quickly caught at SPY S1 and price turned nearly on a dime. After a brief struggle with the VWAP, the "Everyone Loves Bernanke" effect kicked in and we are now challenging the Pivot (about SPY $83.65).

Internals have changed to the positive across the board, and many leading sectors have exploded higher. Nevertheless, I'm expecting a sideways to down trade on the balance of the day as the morning move has done nothing to burn off toppy market technicals... but this has been a very bullish period and certainly traders need to be ready for anything.

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