SPY i'm still using the daily grid. resistance(s) 145.20 (interestingly, agrees with TA), which i still doubt it will hit, but if breaks that then next resist is 146.50. if goes south as i expect, then supports are 144.00 (agrees with TA), 142.80, 141.40, and 139.80. it is strongly bounded on the north by monday's HOD of what looks like 144.80, which it tested and fell back. tuesday open will likely be a gapdown to at least 144.30 or even lower.

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Looking at the spy I think is should make ~ 146.00 before a down turn to ~ 130.00 but I don't think it will be a hard and fast drop from the high. If it does not hold at ~ 130 would look for it to go to as far ~ 124.00 or at least that is what it looks like to me comparing it using various scans.

Ok looking at the dow looks like it should continue to ~ 12,800 before I think it will get turned back once again from resistance. If it is turned look for support in the area of 12400 if it break below this level should stall ~ 12100.

Anyway that is how I see it from looking at it from purely scans for the two of them.

One other note have you all noticed that the drug and biotech sector has been steady gaining since the first of the year?

Disq

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The only bad question on investing in the stock market is the one that is not asked.

i am liking this overlay thingy. as i said, it forecasted SPY "gapdown open to 144.30 or even lower"..... actual gapdown open was 144.33 ... pretty darn close... oh, and the forecasted upper "strong boundary" of 144.80 still holding
and thanks for requested reality check, Disqplay--

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[SIZE=2"No more riddles."[/size]
___________________________________________
get the cd. it's how money gets made.

Well earnings kicked off AH today with Alcoa and they came in respectable...

"Alcoa Profit Climbs 9%; Revenue Rises On Higher Metal Prices"

http://www.cnbc.com/id/18041922

...not sure what that will do for the overall market but it can't hurt...I still think that the CPI numbers will be the catalyst for a move one way or the other.

__________________
Skiing is your brain....Snowboarding is your brain on drugs.

Just because I'm a mod doesn't mean I'm a stock geni........yet.

well, grizz, whatever drama is abt to happen with the DOW will last abt 9 weeks, after which a fresh change will take over one way or another. so says the grid thingy.

EDIT: will last from 6-9 weeks, favoring lower value of 6

__________________
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[SIZE=2"No more riddles."[/size]
___________________________________________
get the cd. it's how money gets made.

$INDU -now we're talkin. dipped to abt 12455 LOD.
SPY -yeah. broke the first support to 143.50 LOD
used grid in forex tonight too. getting better at directionals hehehe

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[SIZE=2"No more riddles."[/size]
___________________________________________
get the cd. it's how money gets made.

and so far today we have
$INDU abt 12430 LOD
SPY abt 143.35 LOD
LOL some ppl call this witchcraft- i call it weird science

__________________
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[SIZE=2"No more riddles."[/size]
___________________________________________
get the cd. it's how money gets made.

Nice call Dennis. I was glad to see the bulls turn the market around on some positive retail news.....I covered a couple protective hedges I opened on the SPX and Q's yesterday morning.

PPI up 1% - analysts expecting and increase of .08%. Read between the numbers...

Futures seem to be reacting positively to the slight moderating in core inflation areas and I think the narrowing trade gap is just as much as a positive as analysts have been expecting the gap to widen and this will help our GDP (Gross Domestic Product), one of the most widely used Economic Leading Indicators for diagnosing the health of US economy.

http://www.marketwatch.com/news/stor...AEDC1B11FDC%7D

Hope momentum from yesterday continues and bulls can show more resolve today....plus I ll try and post a few charts later of a couple indices...

__________________
Skiing is your brain....Snowboarding is your brain on drugs.

Just because I'm a mod doesn't mean I'm a stock geni........yet.

and... you were right abt that, Grizz-- heavy US govt figures were scheduled out this a.m. at 9:30 and 11:00 ET... must've been really postitive news, i was sitting in forex and USD hammered the EUR on whatever came out at 11:00 ... these figures are supposed to be top secret until released at scheduled times (as above) but the eur/usd downslide started in earnest at 10:30 so it must've leaked. the odd part (to me) is that so far it's all had relatively negligible effect on $INDU and SPY either way. how come? gotta get some sleep but i'll check in later- thanks in advance

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[SIZE=2"No more riddles."[/size]
___________________________________________
get the cd. it's how money gets made.

Some positive earnings from Citi, Wach, Ely should give the market a little boost this am as I imagine the market will follow the financials early leadership today...

M&A news doesnt hurt either...boy, wish Id gotten in SLM when smart $$$ was buying up the front end calls...can option buying be an indicator for something cooking???

http://bigcharts.marketwatch.com/cha...523&mocktick=1

"Investor Group to Buy Sallie Mae for $25 Billion" - roughly $60 pps



ECONOMIC CALENDAR

A look at retail sales, business inventories and homebuilders' sentiment today. Inflation, homebuilding, manufacturing and weekly retail sales data on Tuesday.

Today:
0830 Retail Sales (Mar): +0.4% expected; +0.1% Feb
0830 Retail Sales, ex-autos (Mar): +0.7% exp; -0.1% Feb
0830 NY Fed Mfg Index (Apr): 10 exp; 1.85 Mar
0845 Philly Fed Pres Plosser speaks in Philadelphia
0900 Treasury Intl Capital Flows(Feb): $80.0B exp; $97.4B prior
1000 Business Inventories (Feb): +0.2% exp; +0.2% in Jan
1300 NAHB Housing Index (Apr): 36 in Mar

Tuesday:
0745 ICSC-UBS Chain Weely Store Sales: +0.9% prior
0830 Philly Fed Pres Plosser speaks on the economic outlook.
0830 CPI (Mar): +0.6% exp; +0.4% in Feb
0830 Core CPI (Mar): +0.2% exp; +0.2% in Feb
0830 Housing Starts (Mar): 1500K exp; 1525 Mar (-9%) in Feb
0830 Building Permits (Mar): 1515K exp; 1532K in Feb
0855 Redbook Retail Sales Index: +1% M/M in Mar
0915 Capacity Utilization (Mar): 81.9% exp; +82% in Feb
0915 Indus Production (Mar): +0.1% exp; +1% in Feb

__________________
Skiing is your brain....Snowboarding is your brain on drugs.

Just because I'm a mod doesn't mean I'm a stock geni........yet.

Futures pulling a 180 after CPI and housing starts #'s come through...

"U.S. March CPI up 0.6% but core rate tame


WASHINGTON (MarketWatch) - The rate of U.S. inflation accelerated in March, the Labor Department said Tuesday. The consumer price index increased 0.6% in March, driven by a 5.9% gain in energy prices, the fastest increase in energy prices in more than two years. Transportation costs rose 2.8%, but housing and food prices were moderate. The core CPI, which excludes food and energy costs, was up 0.1% in March, the lowest level since December. Economists were expecting the CPI to rise 0.7% in March after a 0.4% gain in February. The core rate was expected to rise 0.2% in March after rising 0.2% in the previous month."

__________________
Skiing is your brain....Snowboarding is your brain on drugs.

Just because I'm a mod doesn't mean I'm a stock geni........yet.

Its a Wrap.....Daily Market Summary

http://stockcharts.com/def/servlet/F...91;Y]&disp=SXA

__________________
Skiing is your brain....Snowboarding is your brain on drugs.

Just because I'm a mod doesn't mean I'm a stock geni........yet.

__________________
Skiing is your brain....Snowboarding is your brain on drugs.

Just because I'm a mod doesn't mean I'm a stock geni........yet.

5 weeks and counting.

__________________
___________________________________________
[SIZE=2"No more riddles."[/size]
___________________________________________
get the cd. it's how money gets made.

week 6 and reaching for the darkside. amazing. right on schedule.

__________________
___________________________________________
[SIZE=2"No more riddles."[/size]
___________________________________________
get the cd. it's how money gets made.