it would appear that fear is starting to reenter here. if the fear increases any further we might see a monster selloff into the close. 906 is fear factor 900 is the panic button. if either one of these are breached i feel a huge breakdown. we need to see a close above 930.99 in the cash to confirm a possible short term bottom for the week.
This flush, couple with strong hands buying the underlying stocks, may be enough to create a low for several months. I prefer the 880 area
NQ daily - yes. Edit: The left shoulder of NQ has low prints at around 1200. As long as NQ trades at or above that level, the IHS will be there to spoke the shorts.
If we can somehow push above 920. It might be enough to spook the shorts into some kind of panic covering. But I doubt it's got the strength.
nah, can't see it. i don't see strong hands buying yet. if anything i see more bears pilling on and taking positions as the "weak hands" cover for small gains. no good news to rally on. everyone who is bullish is looking to the gummint to solve the financial crisis. i think they are in for a rude awakening. NOTE: when analyst speak the opposite always holds true. economist and analyst are the same. they are paid to say nice things. calm things. soothing things. all is good. we are putting in a bottom. if you like yahoo at 300 you will love it at 3.00 the economy is strong, sound, solid. unemployment is low. etc etc etc.
Are these fewer sellers now, as compared to a two or three weeks ago? The bears had a great opportunity this afternoon to take advantage of a weak market and they did not. Is it that SPX 820 WAS the IT bottom and 905/510 is the new short term bottom? The mini buying spurt during the last few minutes today and on Friday suggest a little more interest from buyers and less from sellers. Would not be suprised to see Asian markets up tonight and a GAP UP in US markets tomorrow.