S&P Support

Discussion in 'Technical Analysis' started by cuz69, Oct 3, 2008.

  1. cuz69


    I got 1091 than 1076, those #'s sound about right?
  2. Lucrum


    Cash, SPY or ES?

    Cash: I had to look at a monthly chart to find anything that even might be temporary support.

    http://charts.dacharts.com/2008-10-03/2008-10-03 17-45 $SPX M.png

    To tell you the truth though I tend to do better paying more attention to the most recent resistance level during down trends. If there was any real/lasting "support", would it be trending lower in the first place?
  3. cuz69


    Very true Lucrum and thank you for responding. I enjoy reading your posts.Your statements are usually profound, direct,short, and at times comical.
    You seem like a nice guy.
    I was talking futures though. And as again I agree with your point, because I wasn't looking at it that way. But it's obviously down and I couldn't find any real support either.
    I just noticed the futures bouncing off 1120 yesterday, and my stock was as well, (bouncing off daily/intraday lows) I got long, HAD A BLACKOUT, and all hell broke loose... Need I say more.
    Just wondering where we might bounce again. I am coming up with 1091 than 1076.... just curious if anyone sees the same.
    And mind you it's just a pause, there really seems to be no serious support at these levels. You would have to go way lower to find that.
  4. bbqbbq


    yeah, i think pivots wil play more important role in future if we move lower, untill new levels are established. i see a nice confluence for next week at 1145 as well as 1087
  5. I'm no expert but it seems the market just wants a test of Dow 10000.

    Not necessarily that it will hold but after a fight I'm sure it will scare and end up rebounding from there. Unfortunately, probably only temporary.

  6. Lucrum


    1098 then 957 is what I would use/look at.
  7. Agreed. BIG round number, it's gonna be a battle. I want to hear how all of the Gann traders/witch doctors are going to treat the number 9,999. I'll ask you guys directly: "Gann traders, is Dow 9,999 going to be support, or just going to become overhead resistance?" For those of you wondering what I'm talking about, Gann believed that the number 9 was extremely significant in the markets