Good morning. Happy Wednesday. Today is the last day of the month and quarter.
The Asian/Pacific markets closed mostly down. Europe is mostly up. Futures here in the States point towards a flat open for the cash market. This of course comes off a day where the market got crushed and revisited its low.
The bearish version of the SPX says a head-n-shoulder top is forming which measures down to 870ish.
The bullish version says a falling wedge is forming, and that after another 50 points of downside movement, buyers should step in again.
I guess you could argue for a neutral version which suggests a summer trading range is here, but this scenario requires the bulls to step up big time and push prices off their lows right now.
Have a plan and have a contingency plan. What if the market completely melts down? Are you ready? If the S&P drops 100 in just a couple days, do you have a plan to capitalize? What if the neckline of the head-n-shoulder top is penetrated, and then the market reverses and rallies furiously? Are you ready?
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers
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