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3. Technicals Look Bad

Daniel Dicker
4/3/2009 11:42 AM EDT

In addition to my disbelief of the latest rally from a fundamental point of view -- I referred to it as a "sugar high" on Columnist Conversation yesterday -- we can now add some technical indicators upon which I have relied for many years.

S&P 500 Index -- Daily
TradeStation

The Bollinger Bands don't indicate an imminent turn (although they also looked stretched), but the moving average convergence/divergence is way out there, and the stochastics and relative-strength indicators are ready to snap.

Sorry to throw water on the party, but my feeling is, if you're looking for a dip to buy into, you're about to get a doozy. I'm not buying another share of anything until I see a dip of at least 40 to 50 points on the S&P 500.

4. Morning Trade

Bob Byrne
4/3/2009 9:26 AM EDT

With the jobs report out of the way, we can now begin fretting over earnings. Unless companies come out with some very positive results (or at least favorable forecasts), like Research In Motion (RIMM), we may be setting ourselves up for a sell-the-news situation throughout earnings season.

If the bulls want to continue to torture the bears, they need to push the emini back above strong resistance at 833 and target moderate resistance at 838.50. A sustained trade above 838.50 and only moderate resistance at 845 contains this market from running to 855. A market surge to (strong resistance) 855 would entice shorts to re-enter this market. ... I am not betting on this type of surge, though.

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