S&P500 - 3rd hour update

Price is flirting with the 10 days e.m.average (daily basis). As suspected, we had the hourly breakdown. I maintain my targets @ 1377 & 1369. Not expecting S&P500 to regain 1400

I was waiting for a pullback today after the open and a test to yday lows (while considering to add there) - view setup 21/Mar/2012. It did not happen. Out of adds for now...

Participants did not (like yday) run into protection at the open, on the contrary, as VIX steadily falls in the last  2 hours, volume in puts surge, suggesting traders are dumping them... 







Cisco - A failure is not allowed

Two daily closes above the double top. Will it hold?

On tradable basis, 20.30 is the level to spot weakness...

EUR/USD - Under 1.3172

As noted, bulls are under pressure here. Next stop @ 1.3112...

Above 1.3172 we might have another hourly rally...

Euro/dolar - Bearish bias

I maintain a bearish view under 1.3239. Expecting 1.27...

Short term oversold conditions can fuel another test to 1.33, but an hourly close under 1.3172 would leave the bulls under terrible pressure...



S&P500 - Setup 21/Mar/2012

Plan: The hourly (bearish) divergence is a short term top. Market is going to "correct it" and test last week breakout.
The bias is up so I just need a break above 1408 to be wrong (and get out!)

Targets: 1377 and 1369...

Add to initial position with an hourly close under 1399.59

S&P500 - Still on the ropes

Bulls cannot fail here...



S&P500 - Bears on the ropes

As initial put buying eases, bears have now a chance, as long as they manage to hold 1406

Bulls will try to get the bears out. They need to regain 1408.

Do not forget: Above 1371 the bias is up and markets just need a friendly VIX