Morning Commentary for Friday Nov 6, 2009 High Forming?

by Tom Nunamaker on March 5, 2010

Feb payrolls report showed smaller than expected decline.   Crude is up two percent.  Precious metals higher.   US Dollar down slightly but essentially unchanged.  VIX is down nearly a full oint to 17.77 as the market has rallied nicely so far today.

A possible 1-2-3 High is forming on the SPX weekly chart.  These are longer term trends and definitely worth watching.  If  SPX trades below today’s low, that is a valid SHORT signal for the next several bars.  If SPX trades above 1150.41, the 1-2-3 high is canceled.

SPX Weekly Chart 1-2-3 high?

SPX Weekly Chart 1-2-3 high?

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