Morning update:
We got a test of overnight lows, then a run up to ES pivot (1441, also 38.2% of the week), and now it's chop but with a slightly bullish bias thanks to financials. ES needs to hold overnight highs of 1435. I had a feeling we would get a rally today after a lower low, the question will be how high they take it. SOX is down and that is holding things back. But it's a definite plus to have BIX and XLF up. VIX support is 27.09 and 25.89 if we rally further.
We got a test of overnight lows, then a run up to ES pivot (1441, also 38.2% of the week), and now it's chop but with a slightly bullish bias thanks to financials. ES needs to hold overnight highs of 1435. I had a feeling we would get a rally today after a lower low, the question will be how high they take it. SOX is down and that is holding things back. But it's a definite plus to have BIX and XLF up. VIX support is 27.09 and 25.89 if we rally further.
This entry was posted
on Wednesday, August 15, 2007 at 8/15/2007 10:21:00 AM.
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