Note for tomorow

I will only be in for the first 2 hours of the day tomorrow. The 885 level today proved to be the area of resistance for the market as noted yesterday.
In general I think we are winding up for a impulsive move and as most of you who have been following my blog knows it is not a prediction of direction but of the move. If we get a move below 872 area I would be next looking for an impulsive more towards that 851 number and on the upside again 904 should be the upside impulse possibly 911.50 on a extension on the upside.
We are in the summer dull drums reinforced by today's low volume which was tracking at something like 25% the 2 month average which is very low as the last 3 months volume has been light. Now it is very important to watch the next impulse move to see where the volume comes in as I am 100% sure it should be playable as a continuation play of reversal based on the volume.
A lot of stuff going on but aren't being focused on by the press for example talk of additional stimulus needed, that the first stimulus wasn't effective, that companies are still holding off on hiring, housing prices look like they will still be falling and the list goes on.

MARKETJEDI

TICK

Getting some tick divergence on this last downside , be careful if you are short.

I will be off for the rest of day. If the tick divergence kicks in look for 885 to be tested.

See you tomorrow

875

Trading around that 875 area again. More than likely this area will turn out being the developing area point of control for the markets. Again upside resistance should be that 885 level noted earlier.

Conflicting signal

Getting conflicting signals here and narrow range- I would suggest sitting on your hands-
In the mean time Crude is now below $60

Areas to watch

Levels to watch for the S&P Futures


Upside Numbers: 885, 898.25 and 911.50

Downside Numbers: 871.50, 851.25 and 837.


These should be the critical numbers on both side of the trade here. We are currently gapping up into the open on the Alcoa earnings which was weak but not as weak as expected. Oil is also getting that bounce from $60 which was spoke about but i do think it gets broken. I have a couple of charts but I think i will wait for the weekend to post them.

Have a great day

MARKETJEDI