We had a big rally on Tuesday due to technicalities and the ascend was really steep.
So naturally the market corrected itself today on a pullback to the 20 MA. IMHO, this is a second buying opportunity for the bulls. If Fund Managers decide to do some month end window dressing, I am expecting a move up either tomorrow or Friday.
Here is a chart of SPY, to the downside...we have support at 88.45. On the other hand, any move up will be a big gap up or a slow grind up.
As for the Financials, I am looking at JPM for clues.
As for the DOW, the transports are not doing very well. But you gotta give that Triangle a benefit of a doubt because it could break out either way.
The rails have been quite straight forward trades, unlike commodity related stocks that are trying to act strong...and sometimes whipsaw like hell.
Look at the minute charts for these two stocks
UNP
BNI
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