The U.S. stock indexes closed mixed but mostly weaker today. Bulls are fading. Uptrends on the daily charts have “rolled over.” Traders will closely examine the wording of the Federal Reserve’s FOMC meeting minutes, which are released Wednesday afternoon. Look for some quieter trading in the stock market in the coming weeks, amid summertime doldrums.
Wednesday’s Economic Data
8:30 a.m. May Durable Goods Orders
10:00 a.m. May New Home Sales
2 p.m. FOMC Meeting
Spx close below 935 = 895.10(+2.06)
Between range that I predict to very short term.
Below 908 I expect [880,893] very short term.
Below 935 I expect [790,820] medium term.
Remember two possibles scenarios:
Dont`t break range [880,893] and we will see pullback again target expect between [935,921].
Break range [880,893] and we will see soon 850.
If spx close hourly above 908 I have to reduce some shorts.
Tomorrow resistance Hourly 908,900. Macd near to invert again but have to confirm with a close above 908.
Click to zoom in.
Enjoy
http://followmarketrend.blogspot.com/2009/06/spx-update-daily-and-hourly_23.html