21/04/2009 pre market

8.58 am Amsterdam

Followers of the blog may remember that I mentioned last friday that this week will be difficult.

As you can see the from the weekly graph ,the uptrend line is broken again and the market was sold off till 832.

Also the volume is decreasing lately, which is another sign of 'ENOUGH for the moment'.

I still believe March low was the bottom but I also believe we will visit 750- 770s once more in the coming days/weeks/months(?).

Before the European open, S&P future is trading around 836. 825-830 is a strong support but with some bad news it will give way till 790-800.

Still, if there will be some good news, we can retest 870 but to break through that level, it is now clear that we need a very GOOD news.