On 5/10/09 we noted the equity markets may be nearing a short-term top as our pricing models were converging between 8300 and 8700 in the DJ June contract. On 5/7/09 the market made a top and since has given back about 300 points as of this writing.
Today's retail report was a definite negative surprise. This is adding to the fact that the stocks were overbought and we may see more of a mix of reports that could confuse the markets in the short term. This would take us back to earlier this year of a feeling of uncertainty. In times of uncertainty the market sells off or at least moves sideways.
In the short term there is support in the 8250 to 8100. If it breaks this range, the next level of support would be 7975 to 7852.
We maybe within a day or two of a short signal.
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