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Today if we can decisively close above 1380 on the S&P on moderate volume i expect to see see a rally back to the highs of the year. After we break 1380 keep an eye on 1390 it might form resistence. if we can break above 1380 and then 1390 the chart will say that april was an short term correction in a major uptrend. April 2nd formed the highs of the year followed by a 1/3 retracement of the gains from the begining of the year. The market held the 1358 level decisively twice which formed a double bottom. Buy points 1360, above 1380, above 1390.
New Development.
While today we broke through the 1380 mark on the S&P which got us trading above the month long down trend, the market halted 4 times(intraday) at 1390 which as mentioned before was the resistance. The market closed on its highs which is encouraging but it seems nobody was willing to get ahead of tomorrows job numbers. If we cant get above 1390 tommorow morning on the jobs numbers and on whatever Europe wakes up and feels like doing, we could be lookin at 1380-1370 putting us below the down trend again and then ulitmately testing 1360 again. If we can get above 1390 we'll be looking at 1400 and then it'll be a slow drift upward from the physcolgical 1400.
Im done.
A prophet is not without honor, but in his own country, and among his own kin, and in his own house.
Uptrend?
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Today if we can decisively close above 1380 on the S&P on moderate volume i expect to see see a rally back to the highs of the year. After we break 1380 keep an eye on 1390 it might form resistence. if we can break above 1380 and then 1390 the chart will say that april was an short term correction in a major uptrend. April 2nd formed the highs of the year followed by a 1/3 retracement of the gains from the begining of the year. The market held the 1358 level decisively twice which formed a double bottom. Buy points 1360, above 1380, above 1390.
New Development.
While today we broke through the 1380 mark on the S&P which got us trading above the month long down trend, the market halted 4 times(intraday) at 1390 which as mentioned before was the resistance. The market closed on its highs which is encouraging but it seems nobody was willing to get ahead of tomorrows job numbers. If we cant get above 1390 tommorow morning on the jobs numbers and on whatever Europe wakes up and feels like doing, we could be lookin at 1380-1370 putting us below the down trend again and then ulitmately testing 1360 again. If we can get above 1390 we'll be looking at 1400 and then it'll be a slow drift upward from the physcolgical 1400.
We hit the 1390 on futures very early this morning... No one wants to be positioned two far ahead of the Jobs release... So I'm think'n this morning that we settle around 1375... (mid point between 1390 and 1360)... Then the fun begins at 7:30 eastern time... but I do believe we have a Bern...Ak... EEEEEE thing going this afternoon I think...
Just an opine from ole Otter...
Just an opine from ole Otter...
I turned bullish mid-day. Think we're going up to new highs in the 1430-1440 area. We'll see what happens from there.
Im done.
A prophet is not without honor, but in his own country, and among his own kin, and in his own house.
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