I2, re 8750, good questions. I was wondering myself why this is such an important number. In March, on the way up, the market didn't even stop to take a breath - just blew right through. Two weeks later, after reaching just over 8900, it did retrace to 8750 intraday twice, but never closed below about 8780. Last Thursday, we got there intraday but didn't hang around long. This probably has nothing to do with what a "pivot point" is, but it just doesn't look that important to me - at least as far as support goes. The only significance I see is simply that it's the last low of the current correction, so I would be very pleased to see it provide NO support and confirm a downtrend. BWDIK?
Regards,
Bob
PS: Does anyone know what fair value is for the September S&Ps? Globex has them at about 11 points over the cash right now, up 220, but I'm not sure if that is meaningful. TIA. |
