Morning update:
Those fib turn dates are starting to look pretty ominous. Odds are that we put in the highs for the month on the 4th, opening day of trade. There are two key tests for SPX, one is 1480.50 and the other 1460. Needless to say, bulls need to close back above 1480.50, or they are in trouble. If we lose 1460, we should test the August lows. So far, bulls are trying to defend the 10 dma at 1473 (this is cash SPX, not ES by the way). With the Fed meeting, anything can happen, so I would let the trade come to you and not jump the gun. This is option expiration week, after all and Tuesday reversal are not uncommon.
Oil is suprising everyone and printing a bullish engulfing candle. Another attack above 80 could get a pretty strong short squeeze going, although the dollar would have to reverse course and fall. So far, DXY has a bid. Watch 79.05 on the November contract for QM.
Those fib turn dates are starting to look pretty ominous. Odds are that we put in the highs for the month on the 4th, opening day of trade. There are two key tests for SPX, one is 1480.50 and the other 1460. Needless to say, bulls need to close back above 1480.50, or they are in trouble. If we lose 1460, we should test the August lows. So far, bulls are trying to defend the 10 dma at 1473 (this is cash SPX, not ES by the way). With the Fed meeting, anything can happen, so I would let the trade come to you and not jump the gun. This is option expiration week, after all and Tuesday reversal are not uncommon.
Oil is suprising everyone and printing a bullish engulfing candle. Another attack above 80 could get a pretty strong short squeeze going, although the dollar would have to reverse course and fall. So far, DXY has a bid. Watch 79.05 on the November contract for QM.
This entry was posted
on Monday, September 17, 2007 at 9/17/2007 11:51:00 AM.
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