I think the market rallies next week as people hope the stimulus package will work, and going into the rate cuts. B/c of my sentiments, I'm immediately gonna go out and buy puts on Monday. Fading one's predictions can be quite profitable. lol
This is the 5th week of the decline, so we are getting close to making a trade-able low in my opinion. Today, I had support levels in the SPX of 1324.20, 1319.75, and the all-important 1315.35 for an extreme move.
it was strong support 3 times, thats why when it broke tues and ran to 12400 and came back to test it at 12513 it failed, old support became new resistance http://www.chartpatterns.com/headandshoulders.htm
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:support_and_resistan heres another example
Landis, and Weisman, I totally concur. With the vix up today, and the fed cuts to be announced, I say we rally soon. Ofcourse, we may not. I understand though, that we are presently in a "bullish 40 period" til April. Now, I don't think this corrective retracement will hold much beyond Feb 11. Is it possible for the market to go down too far, too fast? I somewho doubt it. Good luck to us all!
That's how I felt, but we still haven't had much fear yet, that's the only niggle. I guess it could be one of those bottoms where the selling just gets exhausted and then a rally starts to slowly build, seemingly from nowhere. Those "sold out" bottoms are much rarer than fear/climax bottoms, but they do occur from time to time. They can often lead to *huge* rallies. We should find out next week in any case. Would you say it is better to get long Tuesday open, or wait a little to see how the action develops?
Last night I saw on bloomberg S&P futs trading down to 1305... looksl ike we'll test 1300 for support
so no one (long) has a heart attack the following link directly with cmegroup.com give delayed (10min?) quotes and currently trading 1327-1328 up 2/3 pts http://cmegroup.com/trading/equity-index/index.html
Last night? As in Friday night? Interesting considering Globex closes on Friday @ 15:15 and doesn't reopen until Sunday @ 17:00. Check the link http://www.cme.com/trading/res/te/tradehours.html#eq. Unless there are new hours that are not posted on the website?