Fuinhaz $SPY afternoon update May 4th, 2012
$SPY trying to hold over 137 here on the last hour, but market is very heavy. I am still looking for an end of day flush, that would then take us to a nice rally, but at the same time, I don’t think it will happen. The second scenario, is a possible gap down on Monday, where we reach 136.64, and then rally back up.
It is sort of the inverse of what happened last week. I wanted to see a gap up, line up my indicators, and then short.
We have national elections in France this weekend, with a good possibility of them having a socialist president. If that happen, then if it looks bad with Sarkozy right now, wait until Hollande comes in.
May you all enjoy your weekend.