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Tuesday, April 24, 2012

Tuesday

The Bulls are under pressure.  The 20DMA may intersect the 50 DMA tomorrow.  If the Bulls don't pull the market up above the 20 very soon the Bears are going to have them for lunch and the 1425 target will disapear.

The break out below the red fork was significant, but I wanted to see a push through volume support at 1350 and that has not developed.   That's why I warned you that "the Bears do not own this yet."

It's truly a wait and see game right now, but 1350 is an important level, and I feel like the bears are hungry for power.

If the Bears take control that yellow fork I showed you a week or two ago may come into play coincidentally with Volume Support at 1330 (100 DMA) or 1290.  The 200 DMA is at 1269.50 and that's pretty close to the bottom tine of the Yellow fork.  These pieces seem to fit pretty well.  Besides the Red fork has been tested enough and once more is probably more than the market will bear.

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