Market Update: Typical Trend Day Higher Early As Predicted, Now The Outcome Is Clearly In Doubt
August 22, 2008 12:32 PM
I do not like what is going on at all. We made a firm high at 1293.75 on the futures. If we clear 1282.75 here, we may get severe pressure, especially if it happens into the close. At the very least we should revisit 1280 or lower. A severe selloff into the close is not impossible.
12:42 Update: 1282.75 held by a thread at 1283. The outcome is still VERY much in doubt and big action into the close is very possible. It looks like if we clear the high we will challenge 1302. If we clear the high late shorts should scramble for cover. But it looks like we have seen the high, possibly. But still early in the day.
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