Futures: Low 1270’s Should Be Lid If We Get There
August 13, 2008 9:11 AM
I believe Friday’s low should be a firm lid here on selling. That was about 1262. Obviously if we cleared that today, all hell is likely to break loose, but that seems unlikely. If we get in the low 1270’s early, watch out for a reversal. If we get there late in the day, it seems less likely. If we get in that area late, the reversal attempt would likely come tomorrow. If we get below Friday’s low, it appears that we have to reverse early on. If we cannot, then pressure could build late.
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This low is short term chart reversal and a trend break…I am skeptical at best
We would have to clear and hold 1287 before 10:30 to put in a decent low, as i see things
This is also likely an attempt to hold 11500 area on the Dow…
It did clear the low - barely…if we can close out 10:30 above 1281.50 traders may try and defend 1280 here..for now..
This appears to be a 10 500 bounce on the Dow…skeptical…
This is not the type of low I personally like, but it could hold…there are a couple of charts that it is an important low…not my favs, but it is possible
Didnt hold…
I still see no indication of a low…these moves have been off short term charts…those rarely last, long term….butthats how i see things..
No idea why the short term players are trying to defend this low, i believe they are wrong
new low…
This could be a low…not certain as of yet…
Nope, lol
Ughhh…not the type of low I like…but one chart did reverse, once again not the one i like and prefer, but it is what it is….im not sure as i simply dont like it… but did make a low near where I said…low 1270’s there should be buyers down there somewhere
Not sure what to make of this low…I dont love it, thats for sure and it came out of nowhere…I think it was at the same time of a global settlement announcement for the auction rate securities..
This move is SMA related….the problem is I have no idea where an issue may come…
I believe we would have to clear the open to freak the shorts here…be carefil long in the 1285-1286 range, most likely
There should be shorts in this area, we will see…
We cleared the open high, amazing
not sure what to make of this, but the close is very important here…so we could see some serious volatility into the close..
Careful…a reversal here is possible…too early to know…
right now, that could be the top…trade is short below 1289 as i see things here
ok, right so far….down to 1284.25 thus far..
I am not sure what will happen here…have to wait for a firm reversal…an sma is in this 1284 range…
If we can reverse here and clear 1289 into the close, I believe we will close at or near the high of the day….
Here we go…1287.50….
cleared it….we should go higher here as i see things
it is possible we could reverse still…we still have over and hour left in the day…a lot of time… but 1290.25 already…
it cleared 1289 toooo early in the day…left the windown open for a reversal attempt…I wanted it to clear near the close…
This thing seems extended, but shorts are scrambling…
The 1294.50 high is a direct hit on a key sma…..this just seems like it made this run a bit early….
1283.75 has to hold into the close, as I see things….we are way above it…but thats the key if they try and sell this down here
we have a reversal off the high…and must hold of 1283.75…thats the battle into the close as i see things..
Id like to see this thing sell down into the close just because im ticked off about the low, but seems unlikely… but 30 mins left, anything can happen here..
1287 is important for a close… it is important to close above it…so expect a battle here…
ok, hit a low of 1284.50….this may get very very volatile
hit 1284.25….and spiked up..
this may make a very illogical move here as all that matters is the close…it may shoot up or down, rapidly..
wow, what a crazy finish, i said it would get crazy into the close…lol