I wish 1100! I would guess that 1115-1120 is formidable support. I think this is the number we have to watch. I'll be watching this level.
Yes 1120 is another area. We - as of yet - did not even get close to this number. The market bounce on the sell the news reaction to cisco was not very pronounced and appeared to be primarily a rotation move with issues with weak undepinnings being dumped in favor of more reliable sector leaders. Unless we something quite a bit lower than 1126 I would be less inclined to agree with much of a move lower.
..and IMHO quite a bit of bad news. Right now - an unless we bounce down today or tomorrow - I just dont see anything that will move the market substantially lower - in the short term next week or so. Of course I am free to modify my opinion .......
waggie945 Elite Member 02-03-04 10:28 PM "I'm Short Futures . . . I believe that we will test the previous low at 1120.75. If that breaks . . . we test 1115.00"
Spreadem, I'm not that big of an S&P trader since I tend so concentrate more on the T-Bonds. But I had a pretty good feel for the S&P this week, so I put a decent position on, 5 of the full contracts. I think that a "measured-move" can take us down to 1108 if the lows at 1122.00-120.75 in the March S&P don't hold. Best of Luck!
I have been bearish for the longest time. Now I am bullish. So I should probably start selling. But then if I do, am I bullish or bearish? Whatever it is, I don't believe it would be a easy trade one way or the other. I believe in a fustrating market.
Wags, You're too modest! 5 of the FULL S&Ps = 25 ES. That's pretty substantial for a position trade, by my standards. (Now you scalpers, don't jump all over me; I'm not talking about a 1 or 2 tick play. Hold 25 ES for a few DAYS or a week, and it'll put hair on your chest.) Good luck with that one. sax
First off, thanks so much for your kind words. Secondly, I noticed a 61.8% retracement being made in the SPX up off the low from January 29th at 1122.38 This retracement came in at roughly 1142.75 and appeared to provide very good resistance and a great place to use as a stop for a short-position keying on a weak close yesterday. Should today's lows break on Thursday, I would have to target the 1109.00 level as a classic "measured-move" where the first leg down (A) = the second leg down (C) from the high of (B) at 1142.58 Again, thanks for the props Saxon!