May 07 continues to look a little in trouble judging by the daily chart at right. Today's session found a new low and failed to even make up half of yesterday's range.
Moving averages continue to weigh on the market, with both the 50 day SMA and the 9 day EMA heading south.
Momentum wise, the RSI is still neutral at 43.78, but is starting to slope downwards. Overall, the equity hedge levels for May are continuing to be too heavy resistance, and in this environment we cannot yet get excited about the upside.
marketing@alchempro.com
