Wednesday, January 28, 2015
S&P 500 Futures close right on the 150 dma
This 150 dma level has been a huge level of support for the market over the last 3 years. Unfortunately for the bulls, the head and shoulders pattern I warned about last week has taken shape.
If / when we fail here, the next level of support is the 200 dma (yellow line @ 1968).
Earnings season always guarantees some volatility and we're right smack dab in the middle of it. AAPL and Boeing both had great earnings reports and the market still gave up all its gains and went negative on the FOMC's comments.