Here is a 15 minute bar chart showing regular hours trading in the June S&P e-mini futures.
About 45 minutes ago CNBC's Maria Bartiromo (sp?) asserted that Ben Bernanke told her that the markets had "misinterpreted" his statement before the Joint Economic committee of congress last week.
A high volume break below the early morning low at 1311.50 on April 28 ensued. So far it has taken the S&P's to 1307.25, a little below the 1309 support level I mentioned in this morning's guesstimate.
So the question arises: is this a breakout or a shakeout?
At this juncture the market is mum - but any strength that takes the market visibly above the 1311.50 level would have very bullish implications.
My own guess as to the outcome? I don't think Maria Bartiromo is going to change the short term trend of the market so I think a move back above the 1311.50 level tomorrow is more likely than not.
1 comment:
I am amazed that we as a "community" are not outraged by what has happened today @ 3:15. A FED chairman speaks at a dinner on saturday about how "misunderstood" he feels by the financial community. A financial reporter waits till 45 min before the close to report such "gossip" and the Dow sells off 90 points - how pathetic do things have to become ??!!
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