Stock futures fell overnight, breeching DJ daily M/A. The supports for this market are slipping away. The durable goods report did little to help, putting the lie to an economic recovery fueled by anything else than fiat money.
My last pin under this market is the I1 component cycle, which I hope has abolished the lead from the quake. If so, the stock market will at least tread water here for a few days. However, every time SP futures rally up to their 30-minute M/A they are turned back, without even a significant penetration. This is the first resistance that has to fall for a last-gasp rally to gain any traction.
My job is to get out of the way of I1, which is down. The 30-day I1 has a trigger level coming up on it's crossover of 6.5. This is about the timeframe for the I1 component cycle and silver to top.
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