Closing hour:
The VIX did warn and we are pulling back pretty hard from the highs. ES 1511 was resistance (see last post). Bulls need the DOW to close above 13640, or this rally saw the highs. Bear market rallies pack a punch, but if they fail at 20 dma's, it's a classic confirmation. A 100 point drop from the highs is definitely going to freak out the last of the die-hard bulls.
Update:
More selling. This is bad news and my warnings earlier were not so crazy after all. ES needs to hold 1494.75 on any drop.
The VIX did warn and we are pulling back pretty hard from the highs. ES 1511 was resistance (see last post). Bulls need the DOW to close above 13640, or this rally saw the highs. Bear market rallies pack a punch, but if they fail at 20 dma's, it's a classic confirmation. A 100 point drop from the highs is definitely going to freak out the last of the die-hard bulls.
Update:
More selling. This is bad news and my warnings earlier were not so crazy after all. ES needs to hold 1494.75 on any drop.
This entry was posted
on Wednesday, August 08, 2007 at 8/08/2007 02:56:00 PM.
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