Morning Commentary for Thursday Apr 22, 2010 – SPX 1-2-3 High?

by Tom Nunamaker on April 22, 2010

US Equity Markets are trading lower today:

E-mini S&P 500 1191.25 -9.25
EUR/USD 1.3293 -0.0112
30-Day Fed Funds 99.8000 0.000
Gold 1136.7 -12.1

Market Influencers

  • Greece debt downgraded
  • Earnings season is generally beating street estimates
  • The Euro continues decline as 2009 Deficit exceed EU limit
  • Jobless Claims were about as expected
  • Existing Home Sales were better than expected

VIX is 17.48 +1.08 as the market sell off today.

Technical Analysis

The SPX daily chart has formed a 1-2-3 high.  As long as SPX remains below 1213.92, the 1-2-3 high will remain in tact.   1183.68 is short term support.  If SPX trades below that, a LOT of stops will be triggered, sending SPX lower.  This is a classic SHORT signal.

SPX Daily Chart - 123 High?

SPX Daily Chart - 123 High?

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