Pre Market TAO 5-28-09 Thursday

Today's TAO is RED
Overnight Asia did ok overall a up day ..... European markets look flat range bound.....The dollar got a 100 pip bounce up and could range 80 to 81.5 till Monday.....the overnight S&P futures look like it is putting in a bear flag and is breaking down.....we could see a small gap up at the open in the SPY.... I am still following the N vs N chart I posted over the weekend and it looks like this last 2 days are ( 1.5 days up and .5 day down) ...we need a full day follow through today to the down side to complete this series of cycles...so the Bears need to get busy.....

A few other things to watch today ....
The XLF and XLE are at the apex of a symmetrical triangle on the 30 day 30 min .............and UNG looks very interesting as well....

ok back to spy.....if we gap up and run up, my plan is to short the spy at the high in first 30 min's with a first target of yesterdays range low 89.50 , 2nd tgt 89.25 , 3rd 88.20.........
.....if we open even to flat we will go with the directional bias after the first 30 min's