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Watch The Gap Reaction Here

August 14, 2008 9:28 AM

I mentioned that I would like to see a lower low and reverse as I did not like Thursday’s low, at all. 5 minutes before the open we are about 1277. Yesterday’s low was 1274.25. If we are going to reverse this, it is likely to happen early, but could happen at any time. Obviously if we clear Friday’s low, then BIG problems are likely. If that happens today, which I find unlikely, we would have to IMMEDIATELY reverse and make a run to positive or the market should retest 1200.

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

Comments

42 Responses to “Watch The Gap Reaction Here”

  1. Tom@StockBlade.com on August 14th, 2008 9:32 am

    It is trying to hold yesterday’s low, thus far. I am long 1275.50, but too early to know if this will last..

  2. Tom@StockBlade.com on August 14th, 2008 9:43 am

    The gap has been clearly bought, thu far..

  3. Tom@StockBlade.com on August 14th, 2008 9:48 am

    We need to hold the low and clear 1280.50. if that happens, the gap is likely to fill

  4. Tom@StockBlade.com on August 14th, 2008 9:58 am

    This should not be a trend down day and should trade on reversals

  5. Tom@StockBlade.com on August 14th, 2008 9:59 am

    I believe the gap will fill, so at least 1284…possibly higher

  6. Tom@StockBlade.com on August 14th, 2008 10:03 am

    Actually, i think the close yesterday was about 1286… i am not sure what will happen if we get in that range…more caution depending on what happens there..

  7. Tom@StockBlade.com on August 14th, 2008 10:06 am

    The easy trade is over…more difficult now, as i see things..

  8. Tom@StockBlade.com on August 14th, 2008 10:07 am

    But I did call it…on the button…:o)

  9. Tom@StockBlade.com on August 14th, 2008 10:30 am

    We may go straight up here…not sure…yesterdays high is the only thing stopping that from happening…if we clear that, we are likely to explode higher as i see things..

  10. Tom@StockBlade.com on August 14th, 2008 10:35 am

    Hmmm… i wouldnt chase it long up here… we may reverse here, but not certain

  11. Tom@StockBlade.com on August 14th, 2008 10:39 am

    Again, I believe if we clear yesterdays high we are going straight up..

  12. Tom@StockBlade.com on August 14th, 2008 10:54 am

    Backed off…thus far…. high has been 1293.25… if we clear it before 11:00 EST, it “should explode higher..

  13. Tom@StockBlade.com on August 14th, 2008 10:56 am

    backing off pretty big…1290.50…why would people be long at 1293 when we have to clear 1294.50? amazing

  14. Tom@StockBlade.com on August 14th, 2008 11:02 am

    If we can clear 1289.75 we should revisit 1287..

  15. Tom@StockBlade.com on August 14th, 2008 11:12 am

    it hit 1294.50 on the nose…

  16. Tom@StockBlade.com on August 14th, 2008 11:19 am

    cleared…. 2 point spike already…unless we make a new reversal point, i see nothing to stop it..

  17. Tom@StockBlade.com on August 14th, 2008 11:32 am

    This appears to be a trend break, so we may check down here… but doesnt appear to be anything significant

  18. Tom@StockBlade.com on August 14th, 2008 11:41 am

    My guess is this sideways action means higher…. generally the direction will continue once the sma’s catch up…

  19. Tom@StockBlade.com on August 14th, 2008 11:49 am

    short term traders are trying to push it down…I believe they are wrong… I would have far more confidence we would push far higher here if we had cleared yesterdays low this morning… move would have far more power, IMO

  20. Tom@StockBlade.com on August 14th, 2008 12:06 pm

    hmmm its having an issue near the high…not sure why…timing possibly…plenty of resistance 1298 area also..

  21. Tom@StockBlade.com on August 14th, 2008 12:17 pm

    its lunch in NY…so no action…

  22. Tom@StockBlade.com on August 14th, 2008 12:26 pm

    I exited at 1295 until I see some better action…

  23. Tom@StockBlade.com on August 14th, 2008 12:28 pm

    looks like 1291.50 needs to hold here…but this is lunch…slow slow…

  24. Tom@StockBlade.com on August 14th, 2008 12:31 pm

    its looking very shaky here….

  25. Tom@StockBlade.com on August 14th, 2008 12:32 pm

    we need to clear this high here and soon….

  26. Tom@StockBlade.com on August 14th, 2008 12:41 pm

    If we can clear it in the next 5 mins, we should get rolling here…I would think…

  27. Tom@StockBlade.com on August 14th, 2008 12:42 pm

    bingo…

  28. Tom@StockBlade.com on August 14th, 2008 12:48 pm

    I still see nothing to stop this move…possibly 1301.75

  29. Tom@StockBlade.com on August 14th, 2008 1:00 pm

    High has been 1300.75… That 1301.75 may cause an issue up top…maybe

  30. Tom@StockBlade.com on August 14th, 2008 1:01 pm

    this looks like a trend break again, may check down here again, to maybe 1294-1295

  31. Tom@StockBlade.com on August 14th, 2008 1:06 pm

    the only way i see big problems into the close would be if we closed out 1:30 below 1293… If that happens we may test the low, quickly..

  32. Tom@StockBlade.com on August 14th, 2008 1:17 pm

    I doubt we will go below 1297.50 before 1:30 or at least should bounce there

  33. Tom@StockBlade.com on August 14th, 2008 1:19 pm

    hmmmm went to 1297, my bad…thats why i hate trendlines, lol

  34. Tom@StockBlade.com on August 14th, 2008 1:32 pm

    hmmm… maybe i am missing something…shooting down…. 1301.75 was important and we didnt clear it…. but I dont see any issues for today that i can see..

  35. Tom@StockBlade.com on August 14th, 2008 2:02 pm

    1292.50 needs to hold here i believe…

  36. Tom@StockBlade.com on August 14th, 2008 2:09 pm

    1292.50 “should” hold near term as I see things

  37. Tom@StockBlade.com on August 14th, 2008 2:21 pm

    If we close out 2:30 below 1295….it could be trouble

  38. Tom@StockBlade.com on August 14th, 2008 2:24 pm

    We better get back up….

  39. Tom@StockBlade.com on August 14th, 2008 2:31 pm

    hmmmm right at 1295…this still doesnt look good…but not syre

  40. Tom@StockBlade.com on August 14th, 2008 2:44 pm

    this appears to be a battle between 1292.50 and and 1297.50

  41. Tom@StockBlade.com on August 14th, 2008 2:46 pm

    Yep…once 1292.50 cleared 2 point spike lower…charts are still mixed in this 1290 area however..

  42. Tom@StockBlade.com on August 14th, 2008 3:23 pm

    The ONLY low I like is the opening low….so this should get very interesting into the close…

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