Goodbye Quarter One

Blogger is having trouble with my charts, and I suspect it's on their end. The Russell 2000 chart would not go at all, so I'm giving up on it and going with 4 charts today. The SPX is in the process of establishing a new range, and perhaps by coincidence, these levels happen to coincide with the fibonacci retracements of the January high to the March low (the 68% level is right in between the two bottom support lines). The SPX got a bounce off the decline from yesterday, but not decisively so, volume was weak, and there was a nasty sell off in the last half hour, bringing us back below 804. Yesterday CCI gave us a sell signal, but it has not been confirmed by either RSI or MACD, one good reason to ignore technical indicators.

The Nasdaq has appears to have a pivot at 1550, and pretty important resistance at 1587. Rising MACD (but declining histogram), and rising RSI are bullish, but a nasty selloff today, closing in the lower half of the day's range.


A big volume drop off in the Dow industrials, but there does seem to be support around the 50dma. GM, on the verge of bankruptcy, is weighing heavily here, I wouldn't be surprised to see it replaced soon.


XLE took a nasty reversal, ending up being the weakest sector, despite a reversal in oil. The market won't go far with this lagging.

APOL reported after hours, beat estimates, but is down 4% in after hours trading.