Friday Morning Update

Yesterday's selloff in the sp as the day wore on gave the negative bias at least one more day to go. Again this morning it looks as if it can be switched to a positive one if we can end the day at these levels (currently 783) or above.

I'm generally bullish notes at this point. Yesterday afternoon it dipped to 124'14 below the 124'16 level I thought would be good support. That should remain a good spot to get long should we go back there for the day.

The dollar index is recovering modestly from the recent selloff. I think it should be played from the short side and will post a specific level as a daytrade emerges.

Crude is in the middle of its daily support resistance. I think you can fade it either way, ideally 49.30 to 53.80 in May, 48.40 to 53.80 in April. I'm neutral gold after it's big reversal the other day. Given the way the charts look (somewhat bearish) and what the dollar is doing, I'm standing aside.

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