Long the S&P 500 (SPX)
Is it deja vu' all over again? Today is reminiscent of Wed.'s upside reversal action, but let's notice that now the SPX is trading above its declining 9-day "trading MA" for the first time since last Fri.'s late- session sell-off, AND let's be aware of the very positive A/D line (at 1:30 PM ET) of 2315 UP vs. 920 (2.7:1), which is considerably more constructive than it was at 1:30 PM on Wed. (1300 UP vs. 1900 DOWN). In addition, my intra- day pattern work argues that today's action so far exhibits a very bullish profile, which means that another intraday pop should be forthcoming that propels the SPX to 1286/87. Be that as it may, the bottom line is that as long as this AM's low at 1271.22 remains intact, my work encourages me to remain "friendly" and long the SPX. MJP 03/10/06 1:50 PM ET (1282.26)
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