PM update:
A bounce fails at 50% ES 1466 and selling resumes. Keep an eye on SPX 1459, 200 dma. Below that, morning support was at the 20 dma (1454). COMP closed its gap as well, watch the 2565 area. Intermediate ES support is 1461.50, old gap close from last Friday. Internals are very bearish and it's a Friday, so not many heroes out there. NQ has key support at 1946, should we lose the lows. It's very rare to get more than -45 on NQ, so this is a bad day although it could also be an opportunity for next week given the huge amount of shorts out there.
Don't be too greedy if short as bears need to be mindful of any Fed emergency announcement.
VIX R3 is 26.34, weekly R2 is 28.50 if things get wild. But so far, it seems the 26.50 area is holding up as resistance and thus support for ES. If the VIX does punch through 26.74, we will get new lows.
A bounce fails at 50% ES 1466 and selling resumes. Keep an eye on SPX 1459, 200 dma. Below that, morning support was at the 20 dma (1454). COMP closed its gap as well, watch the 2565 area. Intermediate ES support is 1461.50, old gap close from last Friday. Internals are very bearish and it's a Friday, so not many heroes out there. NQ has key support at 1946, should we lose the lows. It's very rare to get more than -45 on NQ, so this is a bad day although it could also be an opportunity for next week given the huge amount of shorts out there.
Don't be too greedy if short as bears need to be mindful of any Fed emergency announcement.
VIX R3 is 26.34, weekly R2 is 28.50 if things get wild. But so far, it seems the 26.50 area is holding up as resistance and thus support for ES. If the VIX does punch through 26.74, we will get new lows.
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on Friday, September 07, 2007 at 9/07/2007 01:39:00 PM.
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