Market Open 1297: We Could Break Either Way, Watch Out For Reversal
August 15, 2008 9:31 AM
If we clear yesterday’s high I believe we HAVE to clear 08/11 high or the market may be in trouble and may signal a top. There is no trade at the open as I see things. Need to wait this out. Commodities are plunging this morning. This is a red flag IMO as traders believe the world is heading into a recession and the stock market is ignoring it - for now.
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65 Responses to “Market Open 1297: We Could Break Either Way, Watch Out For Reversal”
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Get up there…I want it to clear 1301 and reverse…we will see. The open low was 1296. Normally I would say long above that gap low…but I just smell a possible reversal in here….im waiting this out…
I scalped long twice….I am just leary of this..
Long above 1296 would have worked thus far… and that is the trade until proven otherwise…as i see things…but I want a reversal and take this nonsense down…
OK, we cleared yesterdays high…we better keep going now…
As I said the trade was long above 1296…it spike down to 1296.75, now 1300.50….. free trade right there
We need to get below 1296 before 10:00 and that may spell big trouble for the day…
Ugh, not going to happen…hmmm
1297.50 should hold here unless we are going to take 1296 out..
1296 cleared…here we go…
bammmmmm I knew it…this may get very ugly…
We need to close out 10:30 below 1296 and the pressure should be on all day…
This may turn into a serious rout…carefull anything long here..
Come on…stay down there… we have over 20 mins…. there is no trade here, most likely…have to wait this out..
The trade was to be short at 1295.75…as i said….not chasing this down…
It looks like we would have to get below 1288.75 to really apply serious pressure before 10:30
ugh piece of crap… get down there
ok, that appears to be todays high, we have to clear and hold the high or this is likely to get ugly..
The sma’s and a trend break may lift it a bit here…. but doubt it will last…. if we cannot clear this high today, this looks like trouble
If we are going to get a fai8led attempt at the high, it looks like it should come after 10:45 most likely..
If we clear the high, we may shoot up… I do NOT like any low we have however…this is building a BIG house of cards..
this move is 100% sma related and we do not have a firm rejection of the high…. we need that to get pressure i think..
High was 1302.50…decision time…
Ideally, we need to close out 11:00 below 1298….to get the longs nervous
ughhh what bullcrap
this is such a bunch of nonsense…we will see..
Ugh, I wanted a clean rejection…didnt get it….they arent going to make it that easy…
The outcome is very uncertain…1. it is very early in the day and I was hoping for a reversal…not going to get it…the market is trading on sma’s and trendlines…which can very much be a huge house of cards as once the trend breaks…nothing to stop the fall…
I guess we are going to clear it….1297.50 was a direct hit on an sma
Just going to wait and see how this plays out…ughhhhhh i hateeee this sma crap
ok, good…new “recent high” we HAVE to clear it now or we are going down
Its deciding….we need to close out11: 30 below 1298.50, ideally lower to maybe get pressure
ugh 1298.50 right on sma, so they bought, ughhhh
Well, they are just not going to make this easy today, it is just that simple…
Here we go again, lets see if we can reverse
lol, they are trying to sell it down…if they cant reverse it here and now…then we have to make new highs
Well, the high is the line in the sand for the shorts…we finally have a reversal off it…sooo…the market would be “justified in selling this down late if it cannot be cleared… but it is very very early in the day
A 12:00 close above 1298 is important
If we go up here on this sma before going below 1295.50 it is setting up more selling up top i believe
Key sma’s are in this 1294 area….this will take some time in this range, most likely….
If we can close out 12:30 above 1297, it may give the bulls some hope…the real action today is going to come late in the day…most likely
The long term sma is crossed long and the lines are providing support…. this is going to take a long time to short out i believe…
This move off 1294 is still sma related….to get real pressure, we likely need to get under 1291 late in the day and they should sell it down
This is boring….its because today is ALL about the close…if we clear the high late in the day we will likely take off, whether it makes sense or not… it appears that all the action will come in the last hour…one way or another
what a whipping…kinda what i figured….its all going to happen late, most likely..
There should be a sharp break one way or another into the close…the odds favor a severe breakdown…. we will see..
If we cannot reverse in this 1294 area….trouble is brewing…the ONLY thing holding this house of cards right now is an sma line….and thats it
This thing is inches away from getting torched…but still early …
its trying to reverse off 1294…
looks like if we clear 1294 before 2:30 we are going down
hit 1294 on the nose and shot up 1.5 points in about 5 seconds…
longer term sma lines are close together and flat…. sets up a big move coming into the close…more than likely
Looks like 1294 is important here..
bounced exactly off it…
grrrr sell this stupid thing down
tried 4 times and couldnt clear it and then shot up
we may make a run higher now…. this is going to be difficult to know, as it should get very volatile into the close..
im long at 1296, but maybe dumb as this could break either way…. 1294 appears to be a big number into the close..
If 1294 holds AND we clear the high, we should shoot up like a rocket more than likely..
1299 is key number here…
the way I see things, 1294 is either going to hold here - or it isnt..
I believe we are likely to either clear the high or 1294 into the close…
ugh move…what a stupid market….world is falling apart and they buy buy buy…ha ha
hmmm maybe neither will clear… i thought we would see a bit more volatility here..
surprised we arent moving much….but probably because 1296 is key and we are close to it rather than way away one side or the other…
hmmmm closed at 1298.25 ugh….ohh well, wanted 1294 to be taken out and sell it down, but no dice… have a good weekend.