Is the Hibernation Over?

After a long day working on the website and following a trade placed in one of our portfolios I have decided to keep the post short tonight.

The market bounced back today after a sharp sell-off yesterday. The advance came early in the day and then proceeded to trade in a narrow range. There seems to be some fairly strong overhead resistance at the 1305 mark in the S&P, and with some recent, reliable, short-term bearish indicators making an appearance this market looks to move lower over the next few days. No one knows for certain and believe me I have been wrong on more than one occasion. The one thing that could keep this market up is that there are a few days left in the quarter and we all know how the “big boys” like to look good when the quarterly report rolls around. However, with the VIX below 11 and some decent overhead resistance in the S&P the “smart money” could join the bears as they make their way out of their winter slumber.

 

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• DIA - 45.3 (Neutral)
• SPY – 53.0 (Neutral)
• QQQQ - 72.1 (Neutral)