If we cannot stay above 1068 SPX by 2:15PM we will likely revist the lows of the day. Though call. I just took a small short position with a tight stop at high of day ES. Chances are 50/50.
Wednesday, February 10, 2010
Decision Time
Market has had enough time to absorb selling pressure and has held up pretty well. We are at a key trendline at the moment and a decision is pretty close. I dare to say that if we push through those levels here on the upside we will likely see the 1100 SPX levels again very soon.
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tick is changing over to negative bias but not enough to push it lower. We still have some time here to make it higher.
ReplyDeleteIf price can remain above the mentioned levels within the allowed time window we may have a 1082 SPX in the cards today, more likely though just around 1079 just to screw over both bears and bulls.