sam, right now SPX is down 16 at SPX 1,433 and while we are still not out of the woods, the basic premise is until SPX 1,440 close is taken out back to back, long is still in play. We can have one false break below this level but so far the damage is contained. DOW is only down 10 to DOW 10,754 after intraday low of -144 DOW 10,621. This did not even test DOW 10,480 stick my neck out level last night quite Bullish.
All the people who wanted to sell SOLD.... for now... we still have to deal with end of the quarter window dressing next week and the poteniality still does exist that you could get other Big Player like INTC last night that could negatively pre-announce.
Nevertheless, in the face of death market again has stood its resolve and stands tall in face of landmines everywhere.
COMP at 3,735 and above your COMP 3,700 level... very nice.
For me, NDX 3,580 is critical support and must hold... one false close below is o.k. but back to back close below this level and sellling will accelerate the play and sentiment will then be in favor of the short side pick your spots. I have highlighted NDX 3,580 in april and may on mita it is the inflection point in the bull/bear line in the sand.
Best Regards, J.T. |
