Technicals:1405!!

This morning we spoke about the 1405 number on the S&P as an important number for us to watch. at the close we are where?? BINGO 1405. We broke higher out of the 1405 earlier on but we could not muster up the all important volume and I had been watching if we would fall back at that number or even below it at the close but once again the gamers closed us @ 1405. Where does that put us? Well in stalmate and the closing of Europe today will be used as the disguise for the gamers but here is what to watch. 1) volume : if we break tomorrow above today's highs above monday's volume then we have an upward bias, please note it must be Monday's volume and not today, that's the trick here. 2) we watch for what looks like a bearish head and shoulder formation happening on the russell. These are my two important signals for the rest of the week. We will see soon enough!!!!

1405

well the 1405 was barely hit last week so what now? As most folks know my work is 100% technicals and when I get numbers and we don't hit I use them as failures especially if we try at these numbers a total of 3 times. Today is May Day in Europe and therefore I expect a very low volume day and it might take till thursday to resolve where we are going. In the mean time I see articles on sell in May and go away popping up but we will see if it true once again. Remember the market highs last 2 years have been made in the April time frame so it is not time now to be carelessly LONG.