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Wednesday, December 3, 2008
904 Importance
I think the market has to goto 904 here. Reason being if we dont then the January lows will be awful. Don't worry as a push higher will give us a better position to short the upcoming slide down again. There is a good chance after that January lows we will ramp up a couple months into 2009 summer, we will see soon enough.
S&P Futures traders
Some thing to ponder, besides the 872.50 21 day moving avg on the daily chart.... 1008.50 top- 739 low was 269.5 points and a 50% retracement is 873.75!!!
Small wonder the 872.50-877 zone is giving at least some short term resistance. Also note that the entire crash from the May top at 1441.00 to the crash low at 739.00 is 702 points. 0.236 retracement comes in at 904.50.
Small wonder the 872.50-877 zone is giving at least some short term resistance. Also note that the entire crash from the May top at 1441.00 to the crash low at 739.00 is 702 points. 0.236 retracement comes in at 904.50.
Action
Action today puts us on watch for the 904 on the S&P I spoke about last week. Todays movement is very VERY surprising as I thought somewhere around the 859 level would have held as resistance. Lets see how this plays out but definitely the shorts seem to be abating here, 'Christmas Rally ???'
The cycle low remember folks should come up in 5 weeks, meaning do we grind higher and set up a mightier fall to panic some or do we stair case down in an orderly manner? Anyone's guess here
The cycle low remember folks should come up in 5 weeks, meaning do we grind higher and set up a mightier fall to panic some or do we stair case down in an orderly manner? Anyone's guess here
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