Battle of Technicals

s&p trend analysisMarkets are getting a good jump with the help of some better looking economic data. The ISM index came in around expectations, which many are hoping is an indicator that we are heading out of this. Also, pending home sales had its fourth consecutive positive run, however it was a small .01% run. To battle this, however, was a very nasty private employment report, which showed 473,000 jobs lost in the private sector. This is well above the non-farm payroll expectations, so we could be in for some trouble tomorrow.

There is a good battle going on with technicals right now in relation to the S&P. As you can see from the above graph, there is almost a perfect "heads and shoulders" move that we have seen the last two months. If you are looking on a monthly scale, the indicator is buy, however, on a weekly scale it is sell. The best way to interpret this call, is to wait on the sidelines. There is a big barrier at 880 for the S&P, in which if we pass, I expect to see some serious retracing. Click here for the full video.

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