S&P Technicals Update: Next Support At 1241

Tyler Durden's picture

Now that both the early April swing support of 1283.75, which also happens to be the 150 DMA, have been taken out, the next support in the market is the 200 DMA, which is also the post-Fukushima March lows. A breach of that level would mean the market goes negative for the year. As a reminder: the next 30 minutes are NYSE circuit breaker coffee break time.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Yen Cross's picture

  So much for the mid 1290's. I love the Z/H crew.

Hugh G Rection's picture

Time to lower margins to 1%


PM margins to 100%

Yen Cross's picture

 I wish! 2% it is. In the States that is.

Cdad's picture

And soon, the announcement by Tyler Durden of the ZH poetry contest with the theme:  Bidless.

Quick, someone rustle up a couple criminal syndicate Wall Street bankers over at the BlowHorn to agree in perfect harmony that what we are looking at is a "buying opportunity" because "historical valuations are cheap on the S&P" and our "channel checks indicate a strong second half."

Greeny's picture

"historical valuations are cheap on the S&P"

And that's true, Look CSCO, MSFT, BAC, many other

are near 2008-2009 LOW. Yes there is some high flyers overvalued

internet stocks, but lot's of low valuation stocks as well.

Cdad's picture

Ummmm...yeah...but usually garbage has a cheap valuation.  And also, garbage usually gets even cheaper.  I'm speaking about forward earnings projections [and BAC], of course.  Downward revisions, on the other hand, are starting to show signs of ramping up.  A lot of upside calls being bought up on the CE [Crow Eating].

Hedgetard55's picture

C down almost 5% as of right now.

Cdad's picture

You know, you find a nice sunny spot, mix in a few fish heads and dog crap with yer C, stir occasionally, and what you got is some really nice compost.

Great for Victory gardens....especially bean plants which, once harvested, go great with rice.

hamurobby's picture

BEAUTIFUL!!! drinks all around :-)

I see more gold in my future.

We also just picked a shirt full of heirloom tomatoes out of the garden, my C puts are up 227% and I hope to see 36.30ish tomorrow.

Die citibank die.

Yen Cross's picture

  One of my favorite posters, and well spoken indeed!

Cleanclog's picture

Won't be bidless unless we are squidless.  

mixle's picture

They'll be flirting with the squirting

Cleanclog's picture

While they're throbbing as they're hobnobbing

longorshort's picture

Booock cleanclog the talking parrot, talks allot says nothuing.

longorshort's picture

Booock cleanclog the talking parrot, talks allot says nothuing.

longorshort's picture

Booock cleanclog the talking parrot, talks allot says nothing.

richard in norway's picture

just saw that story on yahoo

No Bid's picture

Did someone say bidless?


LawsofPhysics's picture

Thanks Tyler.  Not that technicals really matter anymore, or do they. 

Hedgetard55's picture

They only matter if POMO really ends.

RobotTrader's picture

Check out the outright manipulation in the futures.

Broke the April lows, we'll probably close above it.

PigMen sweeped out all the stops.

lieutenantjohnchard's picture

your portfolio ought to be up nicely since you said you were gonna short the market with both hands if 1300 broke. and we all know that you are a pillar of consistentcy. riiiiiight. unless you didn't short which is my hunch. LOL!

vz at low of day: check.

hd at low of day: check.

mo at low of day: check.

all red on robottrader's etrade account: check.

gentleman jim sinclair sends warm regards.

qussl3's picture

I'm beginning to think they cue buy programs off ZH posts.

Racer's picture

There you go... ping it back up on trailing stop running

risk-reward's picture

no sweat...stick save.

RobotTrader's picture

LNKD up 8%.

They must be goosing the tape to get things ready for the Groupon and Pandora IPO.

Cdad's picture

You know, I'm seeing something quite different, namely, the Roach Motel [SPY] committing suicide on behalf of tomorrow morning's opening on the S&P.

To each his own, I guess.

lieutenantjohnchard's picture

better keep that part time contract 1099 processor job given all the red in your portfolio. as itg says: you're the perfect fade.

Eireann go Brach's picture

And back up to 1291..The interns are working overtime this afternoon!

rubearish10's picture

This is somewhat refreshing to watch. No econ numbers to spin, no truth from EUR land, just a technical reality....or should we say that equities are overvalued too!

richard in norway's picture

this is a carefully controlled descent, but i wonder how long it will be under control. some of the euro markets were showing signs of independence today. not the lock step marching with the Dow that we have had the past week

oogs66's picture

Credit markets definitely heavy.  The CMBS market in particular seems weak, though g*d knows how that was ever strong!

risk-reward's picture

Easier to jack up the $indu?

Troublehoff's picture

Off topic but noticed the silver article dropped off the front page:

I guess the silver price can be suppressed/manipulated to any price they like as long as physical inventories do not reach zero. Only a fraction of buyers will ever take delivery and the rest participate in the ETF's/derivatives shit.


This is what really troubles me: If China, Russia or even Iran wanted to expose these suppression schemes, they have the financial firepower to do so. They could buy up 30million oz on the comex no problem.


I can only surmise that despite their frequent anti-US posturing they do not have a reason to do so.

What could this reason be?

a) Silver price explosion would be a catalyst for a dollar collapse and they hold dollars as well as operate their export model on dollars. 

b) Their anti US sentiment is just another facet of the dog and pony matrix show, and in reality, our elite overlords are a global cabal and don't want to rock the boat.

c) A silver price explosion will happen, but they're allowing it to happen slowly so as to load up on physical, and possibly because any large scale buying as discussed above would be considered by the US as an act of financial terrorism.

d) all of the above


Any clue?

Fortunes Favor's picture

AUD/JPY leading the way. Rallied hard the last 5 min. maybe a rally into the close for ES

RobotTrader's picture

Yep, ES trading in exact lockstep with AUD, EUR, GLD, etc.

Same old Wildebeest Herd movements.

lieutenantjohnchard's picture

to keep from looking at all the red in his etrade account the part time 1099 processor furiously posts at zh in a vain effort to avoid facing his losses.

The Axe's picture

Got to have a CLOSE below that number Tyler!!

oogs66's picture

how does ES look versus the risk basket you show sometimes?

The Axe's picture

Bank of America...is putting another knife in Paulson's stomach....fuck

cognus's picture

in 6 minutes we'll know if the lower breach was a headfake

Cdad's picture

There you go...confirmed.  Two year long headfake, indeed.  Now that the juking and jiving jig is up, on with the Plunging and Screaming trade!

dwdollar's picture

Speaking of Fukishma...  Japan finally admits 3 meltdowns.


Who would have guessed that governments/MSM lie?   Golly gee willikers.

Cdad's picture

Ah, Fukushima.  Remember Fukushima?

RobotTrader's picture

The PPT's valiant effort to spring the low failed.

TPTB must be getting very nervous.

lieutenantjohnchard's picture

i thought pigmen always won as you've said hundreds of time at zh? so if the ppt's valiant effort failed then i guess you're saying pigmen don't always win. not to worry though. you're short as you said you would be if 1300 broke. so enjoy your favorite adult beverage on me tonight. LOL!

oogs66's picture

Wasn't Citi supposed to do well once they did the reverse split?  Weren't they only lagging because their price was too low for some funds to buy them?  What a joke.  Though when the get back to $4 I will buy some.