Thurs Market TAO 09-03-09

Es Futures are trading up over night.
Asia was Mixed and Europe is up.

The Us Dollar is down and at a key lower support line at the apex of a asymmetrical triangle daily chart.

Oil and Gold are up.

Spx chart showed sideways trading yesterday. within the shaded blue zones. At the open I expect it to gap up and run to the upper blue zone Spx 1005 -10. There is a convergence of long and short term trend lines there and Uber resistance. Sorry the chart looks so busy, just follow the colors.

The two up sloping purple lines are the Apex of a Rising Bear Wedge.
What we are seeing is a break down out of that Rising Bear Wedge on Sept 1st.

Watch my Video on Wedges http://neboxian.blogspot.com/2008/08/wedge-rising-and-falling-chart-pattern.html

I expect price will gap and run to the upper blue shaded area and trade back down toward Spx 987 lower blue zone.

I don't trade the day before a holiday weekend to many whip saws. but if you got to be in, trade light. We could see a sell off after European close......I don't know many traders who would want to risk the long weekend. But as day traders, we are out buy end of day.
Have a great Weekend ...Summer is almost over.