Erin Swenlin's Contributions

Bulls are feeling pretty comfortable right now. The market is traveling steadily upward, support is holding and, "April highs, here we come!" Technicals still are confirming this. The 10-minute bar chart looks good today. Prices steadily climbed mimicking the daily chart's continued steep and seemingly unstoppable ascendancy.

The Federal Reserve met today causing expected emotional highs and lows in the market price. At first investors were excited as the Fed implied they were ready to do more to help the economy, but excitement lulled as investors came to the realization that the Fed simply doesn't have the miracle elixir that is needed. The 10-minute bar chart below illustrates today's action.

Market behavior was negative today as the open was a gap down and recovery never happened. Looking at the 10-minute bar chart below, you can see how the market just rolled over and hardly put up a fight to regain losses.

A sideways day on the market helped our short-term indicators back off from becoming further overbought. Looking at the 10 minute bar chart the SPX traveled pretty much straight across left to right closing slightly below the open. Not too exciting.

Market opened way down and continued to slide through most of the day. Support was broken at one point, but with a small bounce in the last 10 minutes of the day, it managed to close above support. You can see this in the 10-minute bar chart below: