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Flat Open 07/22 Low Is Still Key

July 28, 2008 9:35 AM

It looks like the 07/22 low is still key here. It held Friday with a low of 1251. No news, we may be in a tight range today, not certain. Once again, oil direction may be key. If we hold those lows, i really see nothing up top that will cause issues other than timing. The sma’s are not far above.

Written by Tom@StockBlade.com · Filed Under SP Futures 

Comments

30 Responses to “Flat Open 07/22 Low Is Still Key”

  1. Tom@StockBlade.com on July 28th, 2008 9:44 am

    It has been long above that low as mentioned….

  2. Tom@StockBlade.com on July 28th, 2008 9:46 am

    Careful long near 1260.25…we had an issue there on Friday…if we clear that and hold, then it looks like we will run to 1265….chasing long early is probably a mistake above that..

  3. Tom@StockBlade.com on July 28th, 2008 9:48 am

    Its trying to reverse below that….the open low could be key here…if we get below that in the first hour, then the 07/22 low could be challenged… if we cannot, then the trade is still long above the open, as i see it…

  4. Tom@StockBlade.com on July 28th, 2008 9:52 am

    If we clear the high before 10 EST, we will likely close out 10 at the high, especially if we clear 1260.25….if if

  5. Tom@StockBlade.com on July 28th, 2008 9:55 am

    Have to be careful here….trying to reverse off the high…and we have Fridays lows and the 07/22 low below….could break either way…

  6. Tom@StockBlade.com on July 28th, 2008 10:04 am

    If we clear the high here…and 1260.25…before 10:15…we should pop higher…

  7. Tom@StockBlade.com on July 28th, 2008 10:07 am

    cleared the high…but backed off 1260….

  8. Tom@StockBlade.com on July 28th, 2008 10:20 am

    hmmmm…still “ok” here, but it did run from 1260…

  9. Tom@StockBlade.com on July 28th, 2008 10:22 am

    If we didnt have 1260.25 from Friday, i would say we clearly have not seen the high…

  10. Tom@StockBlade.com on July 28th, 2008 10:24 am

    The open low was 1253.50….I think we need to stay above that before 10:30….or this may be trouble…

  11. Tom@StockBlade.com on July 28th, 2008 10:30 am

    We are still look “ok” here…as i see things..

  12. Tom@StockBlade.com on July 28th, 2008 10:32 am

    On the futures charts….there is some type of bids/ask (not sure what they really mean…ha) and all charts are negative…hmmm….

  13. Tom@StockBlade.com on July 28th, 2008 10:38 am

    Ok…been looking around to see if i am missing something….near todays high on the Dow is the daily trend line down….that may cause an issue here…not sure…

  14. Tom@StockBlade.com on July 28th, 2008 10:42 am

    Looks like if we can close out 10:45 above 1256.50 it will get the shorts attention…. if if if

  15. Tom@StockBlade.com on July 28th, 2008 10:44 am

    hmmmm thats not going to happen, we are challenging the open low..

  16. Tom@StockBlade.com on July 28th, 2008 10:46 am

    this is looking shaky, at best…but we still have Fridays and 07/22 lows below….so not sure here…

  17. Tom@StockBlade.com on July 28th, 2008 10:51 am

    Bounced exactly off the open low….I still think you have to think long down there unless we clear Fridays low and the 07/22 low…but thats how I see it here…

  18. Tom@StockBlade.com on July 28th, 2008 11:03 am

    Its bounced off the open low 4 times….this isnt looking good…we will see…the Dow seems to be under more pressure than the SP….there should be caution to short into the 07/22 low this early in the day…if we clear it late, then big trouble is likely…

  19. Tom@StockBlade.com on July 28th, 2008 11:03 am

    open low cleared….we need to reverse above the lows mentioned….

  20. Tom@StockBlade.com on July 28th, 2008 11:05 am

    slow moving….im sure there is caution shorting in this area..

  21. Tom@StockBlade.com on July 28th, 2008 11:08 am

    Near fridays low…but Fridays low is really not that important, IMO….its the 07/22 lows that is likely key

  22. Tom@StockBlade.com on July 28th, 2008 11:09 am

    07/22 low appears to have been 1248.75….on SEP08

  23. Tom@StockBlade.com on July 28th, 2008 11:21 am

    Ut oh….1249.75….its thinking about it…

  24. Tom@StockBlade.com on July 28th, 2008 11:23 am

    Keep in mind it is “possible” it could reverse even if the 22nd lows clear on both the Dow and the SP as it is still early in the day….too early to know for certain…. but it would get the longs attention i suspect…

  25. Tom@StockBlade.com on July 28th, 2008 11:29 am

    I think i need to do something more relaxing…what ever happened to Emu ranching anyhow? Wasnt that supposed to be big? ha ha

  26. Tom@StockBlade.com on July 28th, 2008 11:30 am

    Well, here we go - decision time…take it out - or dont…

  27. Tom@StockBlade.com on July 28th, 2008 11:33 am

    If we hold this low….this “appears” to be setting up a late day rout if we clear the 22nd low late day…we will see..

  28. Tom@StockBlade.com on July 28th, 2008 11:34 am

    Nevermind…new low 1249.25….going to be interesting to see the reaction if we cant reverse here….

  29. Tom@StockBlade.com on July 28th, 2008 11:37 am

    22nd low cleared in the futures and the Dow…not sure about cash SP, but prob so….its still early in the day so anything can still happen, but odds favor problems

  30. Tom@StockBlade.com on July 28th, 2008 11:40 am

    At any rate, I believe we would have to make a new reversal buy point as there is nothing that I see below as clear…then again, I could be missing something….per usual

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