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Rt's
Tomorrow should be an interesting day. imho.
Today the SPU8 couldn't get to S1. This is usually a bullish kind of
event.
Secondly, Selling increased after 13:00 EDT- price dropped. Volume made
a new cumulative low
intraday, but price did not. I have observed this before and I
interpret the larger capitalized
issues, which carry more weight in the SPX, to being bought. One cannot
ignore that volume continued down. but Momentum and the McClellen
Oscillators have "hooked" up
I see two senarios. A rally up into the pivot at 1134 SPU8 even up to
1137 SPU8 to take of any early morning bullishness. Like today, then a
final whoopy down to 1122 SPU8, the s1, which takes out all the stops
resting just under 1124 SPU8, If volume is negative then continuation to
1115 SPU8.
If Volume turns positive then a rally could ensue.
Or. An early spate of bearishness that continues down to 1122, due to
weak volume at the close. If volume continues negative farther downside.
Again if volume increases and goes positive a short term rally would.
There are other scenarios like sideways.. rally up with no follow thru,
afternoon plunge into the abyss, :)
Enclosed are S2,S1, Pivot, R1, R2
SPX OEX BONDS SP8M
Pivots Pivots Pivots Pivots
High 1138.56 559.39 122.500 1145.90
Low 1121.98 550.63 122.063 1126.80
Close 1125.21 552.75 122.094 1129.30
R2 1145.16 563.02 122.66 1153.10
R1 1135.19 557.88 122.38 1141.20
Pivot 1128.58 554.26 122.22 1134.00
S1 1118.61 549.12 121.94 1122.10
S2 1112.00 545.50 121.78 1114.90
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