PM update:
ES and NQ close those pre-FOMC August gaps (1249 and 1811.75) and have not been able to regain them so far. NQ is getting very close to monthly S1 (1792.50), ES is right under it (1248). Oil has fallen back under 108 and this is hurting energy. There is basically not a single sector in the green except bonds and strangely enough the dollar. The yield on the ten year has fallen to 3.65%, losing the 3.684% level. ADVDEC lines are very neagtive (-2200). The only hope for bulls left is that non-farm payrolls tomorrow come up better (not as worse) than expected. SPX will need to get back above 1246.25 at the close.
The confluence weekly S3 at 1789 and monthly S1 at 1792.50 could be supportive after the 1PM turn (QQQQ 44?), since we have been selling non-stop since the open.
This entry was posted
on Thursday, September 04, 2008 at 9/04/2008 01:07:00 PM.
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