Racer
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roguetrader
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INDU continues to struggle with the prior consolidation range as expected. Will see today what a GM upgrade can do for that.
COMPQ has minor resistance just overhead in the 2050 area ahead of the highs at 2091.
SOX is at 52wk highs and has just filled an open gap from July '04, next major resistance level around 487.
SPX having trouble with the March high, close enough now for a gap over.
Will be interesting to see how the market reacts to this mornings data. Overnight earnings seem to have set a positive sentiment. Equity option expiry this Friday also.
COMPQ has minor resistance just overhead in the 2050 area ahead of the highs at 2091.
SOX is at 52wk highs and has just filled an open gap from July '04, next major resistance level around 487.
SPX having trouble with the March high, close enough now for a gap over.
Will be interesting to see how the market reacts to this mornings data. Overnight earnings seem to have set a positive sentiment. Equity option expiry this Friday also.
SPX will gap over unless the CPI is a shocker, consensus is for 0.2 increase. Will need 0.4 to cause a little worry. Not sure how to read the retail sales as good figures mean the FED keeps going but it reinforces the view that the consumer is keeping the US economy alive. Large scale Auto discounts rumoured to keep CPI in check.
roguetrader
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Guess they like that then. Potential open for SPX near intraday year high
roguetrader
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ETF pricing in an INDU open above 10,600
User
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This is the excitement that I was talking about. The perfect tone near market tops......
Anyone forgotten the problems of 10650.....
My First short has gone in today......
Will be adding more and more and more.......
Nasdaq not participating fully......and that'll most probably close the day lower....pretty confident.
FetteredChinos
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looking for a short on a fail of 10,605 as confirmation of the double top..
I hope you are right User as I am short as well. I don't like the sound of your 'more and more' shorts comment though...that could be dangerous. If we stay in the very broad range then fine I agree we will head down- that is my belief as a medium term bear, HOWEVER there has to be a tipping point when we have to acknowledge that we will be go higher and we have decisively broken the range. We are on the same side of the coin but I appear to be a little more worried than you!
roguetrader
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Adv / Dec have fallen off sharply, not much enthusiasm for thei mornings move. A fair increase in volume during the morning, which leaves me wondering was that short covering or new positions opening.
INDU again showing relative strength on the day, though must be remembered it still lags on the recent moves.
Major market tops are supposed to give everybody the impression they ought to be long or they will miss out. I don't feel that here, which leads me to the feeling we are just at the top of the multi-month range, ie we will likely head back down soon and bounce again near the bottom of the range.
Would have felt better about us being at a major top if we had had a gap and go day today.
INDU again showing relative strength on the day, though must be remembered it still lags on the recent moves.
Major market tops are supposed to give everybody the impression they ought to be long or they will miss out. I don't feel that here, which leads me to the feeling we are just at the top of the multi-month range, ie we will likely head back down soon and bounce again near the bottom of the range.
Would have felt better about us being at a major top if we had had a gap and go day today.
User
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Yes we could.
Thats if the Dow is troubled at 10650. Then we will have two days of problems. Then the only way to burst through that would be to to either consolidate or pull back.
Should be an interesting session with data coming out of the US soon.
One more thing to note. Should we break out at 10650 then I wouldn't like to get excited. As you'll remember the fakeout breakouts.
