It is the last trading day of March. The S&P is wanting to test 1576.09. The paint should be green today.
SKUL experienced exhaustion selling on March 8th and has since been consolidating but ultimately has no where to go but up. On the fundamental/news front, all the bad news has been puked out; any news now is good news and a catalyst for a launch.
I think the shorts know this, mostly retail now, and have shortened their time frames and will be nervous about holding their positions over the long weekend. Should see green paint into the close.
Thursday, March 28th, equity markets closed for Good Friday.
They indeed painted the SPX green, closing it just under the October 2007 high of 1576.09. ...so the 401k statements will look good and the sheeple can sleep for another quarter. However, a lot of trades came into the markets in the last 10 minutes.....someone big selling into the strength. They'll take it up to test 1576.09 on Monday's open I expect.....then it should get interesting.
Contrary to the SPX, SKUL was marked down early in the session on low volume and traded sideways most of the day. Then in the last 90 minutes they took it down another 7 cents to 5.25 but it was bought. I expect it''ll pop back up to $5.35 on the open Monday. Once it is above 5.35, there is little resistance and the going is easy to $5.50.