Noon update:
Slow drift lower for equities as SPX erases the entire gains of May. There is a major area of support at 1369/1371, 50 day moving average and monthly pivot for ES (1369.75). An absolute must hold for bulls. Should the internals not improve soon, we could see a waterfall decline into the close. If that happens, watch COMP 2425.
Equity ISE has been between 187 and 207 this morning, as small traders buy the dips on weakening technicals. Complacency is not what bulls want to see on a day like today because it dampens the short covering fuel they need.
Slow drift lower for equities as SPX erases the entire gains of May. There is a major area of support at 1369/1371, 50 day moving average and monthly pivot for ES (1369.75). An absolute must hold for bulls. Should the internals not improve soon, we could see a waterfall decline into the close. If that happens, watch COMP 2425.
Equity ISE has been between 187 and 207 this morning, as small traders buy the dips on weakening technicals. Complacency is not what bulls want to see on a day like today because it dampens the short covering fuel they need.
This entry was posted
on Friday, May 23, 2008 at 5/23/2008 11:54:00 AM.
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