It's a 2003 bull market record if my memory serves me right. NQ (NDX futures) printed a 92 range top to bottom...Shorts got smoked. Quick disclaimer: this is not an invitation to go all out long. Just to be respectful. Multiple fib convergences and moving average's above: 38.2% current correction at 2087, 38.2% Aug/Nov at 2095.50 and 50% at 2120., along with 50 dma and 10 dma convergence. Lots of possibilities. But the highest odds will be the 2105 gap close on a break above 2072.50 which is also weekly pivot. But first and above all, ES (SPX futures) needs to break out above 1486, 50% August. Simple (...). Hey, I'm just the messenger.
Bulls lose it below 2045.75, in which case we close yesterday's gap at 1989.50. That would hurt.
Follow techs, up or down. Don't argue with direction. It's a beast either way you slice it. Many seasoned pros have been hurt by this tape. The rumors from the pits are unsettling. So don't feel bad if you lost some money: many lost everything the past few months.
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on Tuesday, November 13, 2007 at 11/13/2007 11:11:00 PM.
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