Slope of Hope Blog Posts

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Waiting for a Break (by Springheel Jack)

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Nothing much happened yesterday. SPX delivered an indecision doji on the daily chart that closed at the middle bollinger band for the third straight day, and TLT, TRAN and NDX all essentially traded sideways. There is quite a bit of potentially market-moving news today with the ADP Employment report at 8.30, the ISM Non-Manufacturing Index at 10, and an ECB meeting today. These ECB meetings have been pretty bullish lately, but with the Germans backpedaling in recent days on their earlier support for the ECB's statements that whatever was required to stabilize the Euro would be done, up to and including unlimited money printing by the ECB and direct support of stricken Euro members and their banks, the outcome of that meeting could well be bearish: