Sell the gap?
#1
Posted 22 August 2007 - 05:14 AM
#2
Posted 22 August 2007 - 06:42 AM
The market overnight seems to be tracking the European equity markets, more or less.
Also, 1460 on ESU7 seemed like a natural resistance point. The market blew through that level --- it looked like a lot of stops were being hit.
Now, ES is just below at 1459.
A break through such a critical resistance should come on significant volume, not pumping the overnight futures. If it holds, however, SPX 1380 and Dow 13400 should rapidly follow. I doubt I'll actually do anything at the open, will wait 'till the dust settles.
GD
#3
Posted 22 August 2007 - 06:45 AM
The market overnight seems to be tracking the European equity markets, more or less.
Also, 1460 on ESU7 seemed like a natural resistance point. The market blew through that level --- it looked like a lot of stops were being hit.
Now, ES is just below at 1459.
A break through such a critical resistance should come on significant volume, not pumping the overnight futures. If it holds, however, SPX 1380 and Dow 13400 should rapidly follow. I doubt I'll actually do anything at the open, will wait 'till the dust settles.
GD
SPX 1480?
#4
Posted 22 August 2007 - 06:46 AM
SPX ...not a hell of a lot of confidence in that count...but it would be the gap and crap.
http://stockcharts.com/c-sc/sc?s=$SPX&p=10&yr=0&mn=0&dy=21&i=p85086541548&a=110676262&r=2084.png
Edited by Teaparty, 22 August 2007 - 06:48 AM.
#5
Posted 22 August 2007 - 06:48 AM
#6
Posted 22 August 2007 - 07:17 AM
The market overnight seems to be tracking the European equity markets, more or less.
Also, 1460 on ESU7 seemed like a natural resistance point. The market blew through that level --- it looked like a lot of stops were being hit.
Now, ES is just below at 1459.
A break through such a critical resistance should come on significant volume, not pumping the overnight futures. If it holds, however, SPX 1380 and Dow 13400 should rapidly follow. I doubt I'll actually do anything at the open, will wait 'till the dust settles.
GD
SPX 1480?
er, yeah..