Closing hour:
We make new lows, but ES holds 1272, its 50 dma and NQ 1846, 61.8%. Financials are still green as is housing and retail. Semis are down. Watch NQ 1851.50 and ES 1276 on any bounce. Bonds have a bid, pushing TNX below 3.77% support.
If ES and NQ hold the above lows, I would have a bullish swing trade bias for the week. If the levels don't hold, we could see NQ 1828 overnight or tomorrow.
Lost of press out there on the bearish month of September. That could be, but this market likes to thwart conventional thinking, so don't read the general press and shut off CNBC.
My guess is we could rally the next few days, just to confuse everyone, then probably head lower. Last year saw a solid September rally, but only after a first week sell-off. Opposite pattern this year?
We make new lows, but ES holds 1272, its 50 dma and NQ 1846, 61.8%. Financials are still green as is housing and retail. Semis are down. Watch NQ 1851.50 and ES 1276 on any bounce. Bonds have a bid, pushing TNX below 3.77% support.
If ES and NQ hold the above lows, I would have a bullish swing trade bias for the week. If the levels don't hold, we could see NQ 1828 overnight or tomorrow.
Lost of press out there on the bearish month of September. That could be, but this market likes to thwart conventional thinking, so don't read the general press and shut off CNBC.
My guess is we could rally the next few days, just to confuse everyone, then probably head lower. Last year saw a solid September rally, but only after a first week sell-off. Opposite pattern this year?
This entry was posted
on Tuesday, September 02, 2008 at 9/02/2008 03:08:00 PM.
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