Here is our panel with the Dow Industrials, the S&P 500 and the NASDAQ 100 indices. The last time we looked, we put a neckline below in case we needed it, and now, we've seen the bounce off the 20-day EMA for the $INDU and $SPX and off the 50-day MA for the $NDX.
While it certainly is very exciting to see this big tall bar today, we have to remember that these are also 20-day highs and tests of tops, at least for the $INDU and the $SPX. In fact, after a big up day like this, we would expect to see some backing and filling tomorrow, and should the $INDU and $SPX trade back under the January 26 swing high, there may be selling based on the StreetSmarts Turtle Plus One short sale setup. We'll be on the lookout for that in the morning.
04.02.11 16:58 #