Tuesday, April 14, 2009

04.14.09 - Technical Market

The overbought S&P cooled off on the horrific retail sales news, only to be bullishly caught by the upward sloping five-day moving average soon after the open. After an extended bounce to just above the pivot, the market rolled back over and is now back near those opening levels. As for the balance of the day, while this level may provide brief support a second time, internals are currently pointing southward, and I expect the VWAP to prove a challenge for the bulls.

INTC reports today after the close. Tech has been one of this rebound's strongest leaders... I'll be watching that report closely.

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