INDEX UPDATE
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mrci.com
Market Mth Open High Low Last Change
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S&P 500(CME)(Globex) Sep 1037.00 1042.20 1019.60 1028.00b -8.50
DJIA Index(CBOT) Sep 8188.00 8188.00 7930.00 8005.00 -105.00
If the info from the above URL is correct, the DOW futures got as low as 7930, and the S$P down to 1019.60. I fully realise that the futures are thinly traded, and may not mean much at times, but such LOWS of 7930 and 1019.60 is not a good omen.
Europe right now is down hard with the FTSE and CAC down around 3% and the DAX down about 5%. Lets just say that the foreign markets are not helping to push the U.S. market up today.
Subjectively, since today is Friday feel that many may not want to hold over the weekend, therefore selling should continue today.
My gut, which is not big - contrary to what Lisa thinks, feeling is that the support at 8050 or the psychological century line at 8000 should hold, but that is mainly a gut feeling, since my short-term technicals say we can go even lower before becoming a CLASS BUY.
The forthcoming bounce to the upside which should be coming early next week, should not be that strong. The main resistance to any upside next week is 8750, but do not think it will get anywhere close, and should be within 150-300 points from the lows where ever that is.
As I am writing this post the futures popped strongly up and is now slightly positive. Still feel the selloff will continue.
Seeya |
