In so many ways today is recovery day. The market is in recovery mode, many of us are recovering from Super Bowl Sunday and I am recovering from a TradeStation re-installation that has put me a weekend behind.
So there isn't much comment along with today's post as I am behind schedule and recovering. As always if you ever have questions you can email or chat in the trading room.
Asia
Europe
United States
Economic news
No economic news this AM.
Earnings
Breadth Charts
40 DMA % Index
10 Day High - Low
52 Week New Highs
Conclusion
| Chart | Score |
| 40 DMA % Index | -2 |
| 10 Day High - Low | -6 |
| 52 Week New Highs | -4 |
| Total | -12 |
Our charts today score a -12 which remains on the bearish side. The market needs to follow through to the upside from the bottom reversal put in on Friday.
$SPX
This is my SPX setup for the day. The bulls need to defend the 1059 area and not let a test push much lower than that. Watch the 1067 area for failure.. this again is the area most likely to form the top before another leg down (if there is going to be another leg down). A clear out victory for the bulls would be to regain that 1074 area. The bulls need a green bar today.
The bears would be happy with a red bar. They would like a failure at 1067 and then 1059 and finally a new low.
