Intra, after a sizable decline in oil prices caused SPX to go back below critical 2060 support:
THIS MARKET IS SO TIED TO OIL ITS
SCARY.
If you look at the charts you'll see that there's a region around this area where 2 closes and 1 open centered on, on the (recent) way down. You will also notice important support at 2055 approximately, where the Cyber Monday fiasco bounced, and where several recent notable bounces occurred. And again, ~2060 is the region that gave stiff resistance during the downturn shortly after in early December.
We're not out of the woods, but this took the better part of the morning to do. And it seems to be holding although it is being assaulted.
We've already moved alot today so a big jump above this may not be in the cards. But if this holds for the rest of the day we have good upside prospects for a few days more.
If you look at the charts you'll see that there's a region around this area where 2 closes and 1 open centered on, on the (recent) way down. You will also notice important support at 2055 approximately, where the Cyber Monday fiasco bounced, and where several recent notable bounces occurred. And again, ~2060 is the region that gave stiff resistance during the downturn shortly after in early December.
We're not out of the woods, but this took the better part of the morning to do. And it seems to be holding although it is being assaulted.
We've already moved alot today so a big jump above this may not be in the cards. But if this holds for the rest of the day we have good upside prospects for a few days more.
Buying into the close...at long last!
Ladies and Gentlemen, we have a
contested close, but buying into the close. From my experience
this is a very important indicator of a healthy uptrend, and one
that will likely continue for some time. If we had excessive
selling at the very end of the day today I would be very, very
worried. After all we are on shaky footing with market-moving data
coming out tomorrow morning. My expectation is that as long as the
data is OK...no big negative surprises...we will continue to move
higher. If the data is very good...oh...we will rocket. If it is
bad I see up moving back down around 2050. If it is very bad,
well, we are in for wave 2 but that is unlikely. Just a guess.
Pure speculation. But I'm going on record so I can look back and
see how things went.
Things are looking good. Skew is FLAT. Fear and greeeeed is just starting to tick up. Vix is falling. Oil is kindof rising but stable (so far). And SPX had a lot of volume at the close. This is the best part. We could be going on for awhile.
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