5 replies to this topic

[89S10]

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.

[gorydog]

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

[89S10]

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?

[eminimee]

The midband on daily ES is at 1460...it turned us down at the Aug 8th high...something to be aware of. Top of that channel on ES is at 1473 today fwiw

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.

[ogm]

What if you make a trendline through the closing prices on that daily ES chart ? Looks like yet another falling wedge.

[gorydog]

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..