From MrSwing.com tuesday update Tony - May 14, 2008 SHORT TERM: market opens higher then closes mixed, DOW -45 insert.a.chart.DOW Overnight the Asian markets were mixed, and Europe closed mixed as well. US index futures rallied this morning after FED charirman Bernanke's speech to the Atlanta FED: http://www.federalreserve.gov/newsevents/speech/bernanke20080513.htm. Then at 8:30 retail sales were reported better than expected, but still down 0.2% with no adjustment for inflation. At the open the market was higher, hitting SPX 1406 in the opening minutes, but immediately started to pullback. At 10:00 Oppenheimer's Whitney updated her forecast for the financials: http://www.marketwatch.com/News/Story/Story.aspx?guid={B5164030-608D-4AF8-89DB-98D18F142DDD}&siteid=nbs. The market continued to move lower until about 11:00, when it hit the low for the day at 1396. After that the market slowly recovered and actually made a slightly higher print high at 3:00 before easing back into the close. A non-eventful day. Tomorrow at 8:30 the April CPI will be released, and then a speech from FED governor Kroszner at 8:45. At the close the SPX/DOW were -0.20%, and the NDX/NAZ were +0.20%. Bonds lost nearly one point, Crude hit new highs +$1.50, Gold lost $18.00, and the Euro was lower. Support for the SPX remains at 1383 and then 1364, with resistance at 1410 and then 1438. Short term momentum is nearing an overbought condition, while the near term indicators continue to edge higher. MEDIUM TERM: uptrend may have topped at SPX 1423 LONG TERM: bear market © Copyright 2008 by MrSwing.com