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Because everyone expects a nice up week into memorial day,
mkt will do opposite,
IF we make a higher high tomorrow ,that should mark the high until 5/30-6/2
Ben
----- Original Message -----
From: "Tom Drake" <deuxsous@xxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Monday, May 23, 2005 8:50 PM
Subject: [RT] SP500 rock and hard place
> i've been talking about the overhead SPM5 gap of 1202.70 for a while,
> but that gap was in march and in the june contract, and we are now
> almost to june. on the constant 3 month forward SP500 futures on my
> chart, which is now almost september (if you get my drift), we
> virtually filled the gap today AND tapped the bisect or median line
> of
> the range of march to april drawn from the january low. the bisect is
> sometimes all you get on a retrace, or at least it's resistance. it
> doesn't mean we have to fall now, but we could. i have a timing line
> for friday or next tuesday (monday is holiday), so maybe we can
> either
> dither around this price or even go higher the rest of the week.
> bearish sentiment has tapered way off in the past three days too, so
> it's a concern for the bull case....fwiw
>
> http://img127.echo.cx/img127/9154/blue512rr.gif
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> Yahoo! Groups Links
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