Stock Market Technical Analysis Blog
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Straight to the point tonight...it's all about chart number 2 above, the S&P. Today's taper drop has the S&P clinging to the lower line of its 15 month red uphill channel. To add to the seriousness of the situation, the S&P is also resting on its 108 EMA line where Bernanke has rescued the market three times in the past 12 months. We are at that 108 EMA line again.
Will Bernanke step in one more time tomorrow with a final tip of the hat rescue of the market or does he let a big fall begin? Place your bets...
Trade well my friends