What’s Up, What’s Down: Sharply Higher Indices

Comments for Tuesday, March 24, 2009

Looking Ahead to Today By Reflecting back at Monday’s price action


Sharply higher settlements yesterday for the cash (spot) and futures stock indices. Thanks to government announcements all of the indices rallied sharply giving me buy signals. I don’t know if I trust these signals but “it is what it is!” Look for retracements lower first no matter what happens. Like I said there is little resistance up to 8000-10000 and our government helped give the indices a big push towards this area. I maintain Buy Signals for Dow, S&P 500 and NASDAQ 100 stock index futures.

Dow Chart

Nasdaq 100 Chart

S&P E-mini Chart

See the balance of my morning comments, including the Financials, Softs, Energies and Grains, at my website. For my complete coverage, visit my commentary page at www.markethead.com.

Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (www.zaner.com) a Chicago-based futures brokerage firm. If you would like a free booklet explaining the charts mentioned above, email Rick at ralexander@zaner.com.