What To Believe?

The last time the VIX was at this level the market was a lot higher. Also notice the OBV is not quite as high.

Either the market is ready for a huge run up or set up to fall.





DJIA:
11634-Support, the 1/22/08 low
12767-Resistance, the 02/01/08 high
12363-50-day simple moving average
13121-200-day simple moving average

S&P 500:
1256-Support, the 03/17/08 low
1396-Resistance, the 02/01/08 high
1342-50-day simple moving average
1444-200-day simple moving average

NASDAQ:
2155-Support, the 3/17/08 low
2419-Resistance, the 02/01/08 high
2303-50-day simple moving average
2544-200-day simple moving average

Earnings to look for Thursday: MER, COF, PFE, UTX, CAL, UTX, NOK, AMD, GOOG, CHKP, ISRG, SNDK, SPWR, AMTD and ETFC.