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[Mr Dev]

first the daily trend is down but oversold and even with the pull back from the spike open this morning primed to move higher into daily resistance. for the RUT surprisingly that is up at 808 and would fill a gap down earlier in the month around 805-806. shorter term this morning we saw all markets pull back from hitting their short term resistance areas on the 5-15m charts and then pull back swiftly to their 5m support. for the SPX i suspect that we stabilize and trade back up into the 5 point range or new highs as we near the close. being as oversold on the daily charts that are still in a down trend we could close only marginally higher but would still be conditioned for another push up into the daily resistance areas for all markets in the next few days. this action would normally ...........turn the daily macds up for a new short term daily trend confirmation .. and it still may. however... i have a confirmed bearish longer term signal on the RUT that triggered just a couple of days ago so i expect that what will look like a good attempt to turn the daily macds upward my be rejected or only turn positive for a few days.. and that any positive macds would be pressured suddenly to turn back down .. do to the longer term confirmed bearish signal which i will go into more about in my next post. trade well and let's enjoy a nice few day rally.

Edited by Mr Dev, 10 May 2012 - 09:43 AM.