Pre Market TAO Tuesday 6-30-09

Well Monday was weaker than Friday. yet, yesterday was an up day......today is the last day of the quarter and the fund managers have to show they tried to participate in this last rally so I kinda expect one last final squeaker pop today.......then maybe not......the Es futures have visited 925 overnight and are back down to 922.......euro stks are down and asia was flat....it looks like Spy will open flat ...there are home price index at 9 et and Chicago Pmi at 9:45 and consumer confidence at 10 et.........so i don't expect mush movement till after 10 am et.....Take a look at the charts I posted this AM...... the narrower range days present less day trading opportunities and quiker reversals. this actually can increase risk because it reduces the risk reward ratios and I have noticed the need to hold trades overnight more often. Which as a Day trader, I dont like to do....the new normal is that the markets are running 24 hrs and anything that happens in ASia or Europe will follow through to the open in the US markets ...Hence , as a Day Trader, more risk to carry overnight....
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10:22 et am....looks like there is a broad market sell off beginning .....all sectors are falling and nyse tick is strong neg -1000 .......all markets are below pivot and moving to s1 ......if spy pulls up to 9220 to 9240 anf fails we will be sellers below 9200
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1040 et am.....sectors xl's are falling into last week range ....looks to be a down trend day...tick is still moving strongly bearish
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1240 et pm......good leg down .....markets are well under pivot and at multiday support resistance area.........spy looks to move sideways in to close ....a down trend day will typically close at the day low area... i will sell any rally from here...
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2:55 et pm.....the end of day run up, if it comes , will be a good short entry if im willing to hold to close or overnight.....9195 to 9215 sell zone
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Market close.........I decided to hold my short position over night the ES futures are trading under 915 and the US Dollar is gaining strength .....I expect more selling over the next two days....in addition the SPY closed with an engulfing red candle.. on the center bollinger band daily chart ....also the institutional Index tested the top of the upper head neck line and failed back down below key support/ resistance zone.......looks bearish all around ........the 3rd quarter starts and trading will most likely be sideways range to down