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.
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