Market Wrap Up: 3/30/2012

Monday will prove to be a very significant day. I think it'll go one way or the other in a big way. We can have a gap up with a close near the highs of the day or a gap down with a close near the lows of the day. I happen to think that it'll be a big red day. Monday should determine whether or not we advance to new highs or begin a multi-week correction.

This morning's top call was NAILED! Just $.03 shy of my level. Amazing how technical analysis works.

Market Wrap Up: 3/29/2012

Today's green day did not come as a surprise since the SPY wasn't expected to break its 20-day moving average. It was surprising to see how robust the late day buy program was though. I'm still short this market and still believe that a market top is in place.

Tomorrow I'm looking for a sideways to up market retracing us back to the SPY $141.00-$141.20 levels and then we should see a fall. If we gap down and begin selling off tomorrow, $138.60 is very good support.

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Nice pop going into today's close. SPY is currently trading at $140.16, I wouldn't, however, rule out a late day sell off.

Good morning traders. It looks like my top call is coming to fruition with the S&P currently down 0.47%. For more downside pressure to come in to this market we need to take out the $139.65 level on the SPY.

Market Wrap Up: 3/28/2012

A late day rally saved the markets today. It almost seems like "they" knew to rally the market at the end of the day just to prevent a top.

I took a couple of shorts at the end of the day. A daily close above $141.85 will negate this top call.

Depending where we close today I think a top is almost in place. A close near the lows should trigger bearish action. Come back after the market has closed for a stock market update. I haven't jumped short yet.

Setting up a top?

Solid red day in the markets today. I'm not ready to call this a top yet we need to see follow through going into tomorrow. Once there is a top in place, any bounce should be short-lived.

Major resistance on the SPY are $142.80 and $144.30 if we get there.

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Be cautious about going long the stock market these days. Although there isn't a definite top in place a correction is coming. I will update you all when I begin to short the market.