More breaks in the big indices as the S&P500 and Dow have violated their short-term uptrend. The Dow closed below its 50-day moving average today for the first time since mid-December, which was a vicious bear trap. Doesn’t seem like there are many sellers here and they could be just waiting to see if the S&P500 can hold its 50-day.
U.S. Equities need some good solid earnings to regain the upward trajectory. On the macro front, the central banks are charged with shooing away the macro swans — China and Europe — that are starting to return to the radar. Doesn’t look like we’ll get that from the PBOC after China’s hot inflation number.
Spain’s the word. Bernanke’s the man. Stay tuned.
(click here if charts are not observable)