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> Please share your thoughts on the market direction next week starting with
> the opening on Monday...
This is excerpted from our RBI Trader's Weekly what we published
Sunday at 9pm eastern:
As we pointed out during the week, the rally back from the lows on
10/28 has been very selective, with the DJIA outperforming the broader
measures. The internals are looking pretty weak right now. Almost all
of the internals indicators we follow are at about the level they were
on 10/31 when the SP500 was almost 13 points lower than it is right
now. That isn't a sign of health for the bulls.
The rally in the last hour of trading on Friday turned the very short
term trend up. However, the market closed right at resistance, which
has us looking for some pullback early on Monday. If the market
doesn't look like it is falling apart that should be followed by
another run towards 940 before things fall apart again.
LATE NEWS: The SP futures are currently up 810 in overnight trading,
about 1/2 pt away from the 940 resistance and with a 1189 premium (got
to 939.90 so far and turned back). If they open the market at this
level, watch these resistance numbers:
DJIA SPX SP Fut
7688.15 938.64 943.40
for a "fade the gap" short trade to look very good, especially with a
huge positive tick figure (+1000 or higher).
good trading,
Jeff Walker
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RBI Trader's Weekly
http://www.lowrisk.com
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