Things seem to be set up for a dive down into the 890ish area by tomorrow afternoon but then there is the chance we take one last stab at the 200 mva. I'm positioned short and will be watching to see how they defend that area.
On the daily chart below I've sketched out how things may play out this week. If 890ish is defending and we ramp into opex as the sketch suggests, then at that point RSI will be glaringly bearish as well a kiss of that 200 day moving average would trigger selling with closes coming at the low end of the daily range and finally Monday being extremely Bearish.
Monday, May 11, 2009
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