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The Market Could Break Either Way Here

May 30, 2008 10:02 AM

05302008.jpgThe market is bouncing right on top of a key SMA line this morning right around 1399. It would need to go lower and hold lower to cause some issues here. I do not like SMA bounces as you are watching a moving target. Will take a little time to know the direction here.

 I think there will be an effort to close the market above 1383 today. If they cannot, I believe big trouble is brewing.

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

Comments

19 Responses to “The Market Could Break Either Way Here”

  1. Tom@StockBlade.com on May 30th, 2008 10:26 am

    Watch out for yesterdays high of 1407 here….

  2. Tom@StockBlade.com on May 30th, 2008 10:31 am

    If we are going to clear yesterdays high here, we shouldn’t go much lower than 1401.50 or so here…

  3. Tom@StockBlade.com on May 30th, 2008 10:34 am

    I shorted 1404.25…was early, but I know my exit, 1407…

  4. Tom@StockBlade.com on May 30th, 2008 10:36 am

    I flattened it at 1403….Hard to know here…We would have to get under 1401 or so and hold for time to cause problems….so i scalped and ran…

  5. Tom@StockBlade.com on May 30th, 2008 10:46 am

    Careful long here…possible reversal….but we are above 3 key sma’s…so this could break either way. This may get going here….I went short again at 1403…

  6. Tom@StockBlade.com on May 30th, 2008 10:48 am

    I wouldnt short here unless scalping though….we need to get under 1400 or so to really put some pressure on…

  7. Tom@StockBlade.com on May 30th, 2008 10:51 am

    I covered again at 1402…but this high could lead to some trouble if we cannot clear it…

  8. Tom@StockBlade.com on May 30th, 2008 10:54 am

    Should have stayed short…ha…. We need to hold under here for some time to really get this going….

  9. Tom@StockBlade.com on May 30th, 2008 10:56 am

    I do NOT like any of the lows we have put in up here. If we lose SMA support here, this is a house of cards I believe…

  10. Tom@StockBlade.com on May 30th, 2008 10:59 am

    It looks like it is trying to hold 1399 here..but i have no firm number up here to hold…the key sma’s are causing support here…

  11. Tom@StockBlade.com on May 30th, 2008 11:00 am

    In theory (my theory)…we have to “lower before higher” avoid any bounced here unless they are short

  12. Tom@StockBlade.com on May 30th, 2008 11:01 am

    It is sitting right on an sma….thats the only thing holding the market here…it may take some time….

  13. Tom@StockBlade.com on May 30th, 2008 11:03 am

    This is a 5 min reversal off 1399.50 and right on an sma….I DONT TRUST THIS BOUNCE….

  14. Tom@StockBlade.com on May 30th, 2008 11:05 am

    It looks like if we can get under 1399 before 11:30 we will get pressure…

  15. Tom@StockBlade.com on May 30th, 2008 11:09 am

    New recent low of 1399……..

  16. Tom@StockBlade.com on May 30th, 2008 11:11 am

    1398.25….

  17. Tom@StockBlade.com on May 30th, 2008 11:11 am

    This should not be the low…

  18. Tom@StockBlade.com on May 30th, 2008 11:13 am

    Hmm…buying there…not sure why…

  19. Tom@StockBlade.com on May 30th, 2008 11:26 am

    Hmm…this low appears to be complete nonsense…not sure why we are bouncing here…I see no indication of a low…

    I am done with the futures for the day…best of luck..

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