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This market is definitely in the danger zone. Play this day by day until the dust settles. Overnight support will be 13267 for YM (61.8%), 2045.75 for NQ (50%) and 1467 for ES (5 dma) and 1462 a little lower. Watch bonds for clues as well as the dollar. The VIX is right back up above its 10 dma, but still in the envelope.
In tomorrow's session, watch the RUT (small caps) to see if it can hold the important 782 level (38.2% July/August).
We could be in a bear market, but I will need to see SPX close the month below 1410 before making bets with that bias (20 month ma). As of now, I am waiting for more evidence.
As a reminder, should we get another sell-off, we have those big gaps below from Tuesday's wild open. NQ 1989.50/2016.50 and ES 1440.25/1455.25.
Overnigh traders will note ES 5 dma and daily S1 confluence at 1466.
The 5 dma's are starting to flatten and even curl up ever so slightly, watch that trend for ES and NQ.
This entry was posted
on Wednesday, November 14, 2007 at 11/14/2007 08:28:00 PM.
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