[/caption] We are still in a bearish Channel and have yet to test the resistant trend line. We have moved through a 61% retracement and are looking for closing targets around 1285 on the upside or 1272 on the downside. Day traders have consolidated the price action around 1278-80 with some price failure to the upside. The commitment of buyers at this time is weak and might need to retest the support at 1272-1270 sto then make a move back up on Monday or Tuesday this next week. Remember financials are not connected to the economy when corporations are cutting back inventories and employment. They are moving inverse to the general economy. Forget the news and watch the technicals. The 50ma is coming in tat1286 area and will act as a bit of resistance at this point. European day traders and Asian Day traders are closing their sessions. Expecting a run up into the European close to close on some of the open gaps. Lots of volatility playing out here as Libya, Saudi Arabia, Armenia are approaching their governments to create democratic freedom. Hats off to the men fighting the reactor meltdowns in Japan, they are risking their lives for their country. S&P 500 day trading course
