Today or yesterday, depending on when you read this, ended one of the best monthly moves on the market ever. If you caught it all or some of it, well done because most missed it, including me. Not going to cry about it, but I would have liked to have banked a little bit of that myself. After today’s pullback it reminded me of something I just said in my last post, “We need the European index to run uphill for at least a week or two to keep this thing going.” Well it didn’t and we pulled back pretty hard today. The European was down 5.19% and we were down half of that. Tomorrow as of 10:45pm appears ready to open down a little more than 5 points on the S&P500 and and that is not good either. What needs to hold is $1230 on the S&P and if we go through, $1220 is next line of defense that must hold. On a technical chartist point of view, the last pivot low was $1221.06 and I would like to see the S&P not go through that because that would typically mean a trend reversal and that is also bad. So let’s hope that these news driven event in the market will soon fade. Can we at least consider the bottom line once in awhile please?
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