Market Open: 1263.25 Early Low
August 26, 2008 9:43 AM
I mentioned yesterday that 1263.25 was likely the next level to hold. It is the early low. We need to reverse off this low with some force and take out 1272.25 to the upside to possibly put in a low as I see things.
I am long at 1268.50 early on, but we have to clear 1272.25.
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This is likely the low of the day…or better be…
We would need to clear 1270.50 and 1272.25 to get things moving, most likely. The problem is key sma’s are crossed short in that range, so this may take some time to sort out. Best to be long above the early low and see if we hold it as i see things.
We need to close out 10:00 above 1267 to maybe signal todays low…but economic data at 10:00 will dictate direction, so careful
I exited the long at 1269 as the outcome is still in doubt and we have 1272.25 above… AND data at 10:00….patience…
They are likely to close out 10:00 above 1267 if they have any intention of going higher today…
im long 1269.75…. but we HAVE to clear 1272.25
Not good… I was too early…im waiting it out… we have a firm low of 1263.25… it needs to hold
If we clear 1272.25 there is nothing to stop the move to the upside other than timing
Ignore all the bs on TV, if we clear 1272.25 we are going HIGHER, IMO
I exited the long at 1271….cant be long in that area right now until it clears, as i see things..
It backed off with a high of 1271.75….patience .
We have to close out 10:30 above 1267 if they truly intend on taking this up, as i see things..
If we clear 1272.25 BEFORE 10:30 I expect it to shoot straight up
well, they didnt make it that easy….
it cleared…we should go higher…but it could still reverse, but im long
Buy all checkdowns above 1271..we would need to get under that and hold to create qan issue as i see things..
Unless we get under 1271 and soon, we have NOT seen todays high
Todays high will not be seen until after 10:45, at the earliest
Its backing off the 1275 area as its resistance…they are wrong unless we spike below 1271
They are wrong, we have not seen todays high, IMO
We would have to close out 11:00 below 1271 to cause problems as i see things.
The high has been 1275..50… I still believe that number WILL be exceeded
This is timing and resistance i believe… 1271 is still key I believe… Iwe close out 11:30 below that, it may signal problems…other than that, it is timing..
Hmmmm its testing peoples nerves….for sure….
Hmmm. I hope this thing doesnt prove me wrong… ha…. This still appears to be timing….. until proven otherwise.. 1271…
son of a gun…. 1271.25… hmmmm we have to reverse right here and soon
hmmmm closed at 1271.25… I am not as sure now…
Grrr…. the ONE possibility of a possible top… 1271 closed out 11:30 right on it… I am completely undecided other other than the low should hold as i see things..
hmmmm this stupid thing is making me out to be a fool, lol
I am still not overly concerned unless we clear the low…
Maybe next time I will believe in SMA’s and resistance…ha…. ugh
If we can close out 12:00 EST above 1271, we should challenge the high rather quickly..
hmmm 1269.50…. could have been better for sure
ive been long at 1272.50 (paper) foreverrrr…. I am sticking to my conviction that we will revisit the high area…eventually..
ugh we have a trend break…. we need to get over 1271 or so
ok, we hit 1272 we need to close out 12:30 above 1270 as I see things..
Its testing it…this “possibly could signal a high if we close out below 1270… possible…
1 min…we have to get back up
CAUTION: We HAVE to clear 1272 here
If we clear 1268.75 we may test the low
I exited the long once it got under 1270…dumbass, lol….
This new high is a potential problem…. im short…probably will get whipped again
amazing… cleared 1268.75 and shot right back up…
This shouldnt be happening…hmm….
Man i am completely out of sync today apparently…. trading at lunchtime is far less than genius anyhow…. action should pick up now
There we go…thank you…something that makes sense.. if we can get under 1268.50 we should see additional pressure, i would think…
It backed off 1272 quickly with a high of 1271.75…. 1268.50 BEFORE 1:00 is likely key
come on get down there…
grrrr it wont move…
didnt clear it before 1:00….
This can go either way, 1272 is still important as i see things..
I exited the short this is some bs scalp trading for now
Well, we are either going to take out 1272 or the low and go down… there may not be any big moves until the FOMC in 45 mins…
The ONLY low I like is todays low….. so if this breaks down….. wont be good
The chart is likely to be set up to break either way once we get the FOMC. Also there is a report at 3:00 about the number of banks in trouble….. if there is some ugly data in that….we could break down, possibly big.
As I mentioned we are either going to clear 1272 OR the low today …I would guess almost for certain one or the other. All of the action is likely to happen into the close it appears, especially since that report is at 3…
Should be buyers down here near 1265 or so because people will buy above the low to see if it holds..
Yep…already to 1267.75… that was an easy scalp…but dont think i will marry this
1268.50…
Yawn, lets get this going… FOMC in 3 mins… but it sounds like the bank number will be the big mover if any big negative surprises
Here we go…. 1263.25 is day low…. the ONLY trade down here is long above the low or leave it alone, as I see things
I scalped long again….but this could break either way
Buying above the low has been an easy trade… I would not be long near 1272 unless it clears and holds however..
What the heck, they said the list would be released at 3:00, but they just announced that 117 banks are in trouble, up from 90…. not good… this should get the ball going..
1263.75….Here we go….
grrr bounced…. I wanted it cleared before 2:30
They sure make sure it isnt easy… if it had cleared before 2:30 we would have tested 1260.50 immediately…
I believe this low holding like not at all….
Low cleared, figured…all is not lost, we have 1260.50, we may reverse in here…no idea - yet
I am not a fan of this low… I want a test and a hard reverse above 1260.50 to have any confidence here.. it could be the low, it just isnt ideal
Ughhh these crappy charts…I refresh them and it did make a reversal off the low…before it said it didnt…piece of crap
That “should” be the low… we need to get over 1272 and get some shorts to cover into the close, i would guess
Backed off 1271…. 15 mins left, anything can happen now…what a whipping of a day