I could be a "chump" but, I think we're headed for a number below 1060 tomorrow and perhaps a test of the 1040/1050 range coming in the very near future.
Monday, August 23, 2010
Daily Update - August 23, 2010
My chart from last week played out perfectly. Wave 2 ended at 1098.50 on the Emini even though it took a couple of days hanging out at that level to finally figure out that it was finished. We then sold off pretty hard into daily support on Friday at the 1061.75 level and held. Today, we got a typical Sunday night rally which topped shortly after the US markets opened at 1080ish--a 50% retrace of the 1098.50-1061.75 move. [See chart below]
I could be a "chump" but, I think we're headed for a number below 1060 tomorrow and perhaps a test of the 1040/1050 range coming in the very near future.
I could be a "chump" but, I think we're headed for a number below 1060 tomorrow and perhaps a test of the 1040/1050 range coming in the very near future.
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I think the S&P trades down to 1010 on the GDP report this Friday (8/27)
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