Friday, June 18, 2010

ES 1116

ES 1116 = SPX 1121 is a level that is stalling out the market, which is the 50% retracement from the October 2007 high to the March 2009 low.  I think it is too late to buy and it is time to start layering in on the short side.  A negative is that the crowd still seems skeptical about the rally.

1 comment:

Petsamo said...

Everything is overextended to the up side. EEM & EWZ tagged their 200 day SMA. The DAX formed a doji. Selling some longs should be safe here.