12,500 was strong support

[wiesman02]

I think the market rallies next week as people hope the stimulus package will work, and going into the rate cuts.

B/c of my sentiments, I'm immediately gonna go out and buy puts on Monday. Fading one's predictions can be quite profitable. lol

 

[Landis82]

This is the 5th week of the decline, so we are getting close to making a trade-able low in my opinion.

Today, I had support levels in the SPX of 1324.20, 1319.75, and the all-important 1315.35 for an extreme move.

 

[LT701]

Quote from enforcer99:

we will open below that tomorrow morning and its going to be ugly. i know everyone has been calling a crash for a while but the economy is extremely weak and we can be down over 400 points tomorrow. if wew get a bad cpi number tomorrow,its going to be so damn ugly.

12,500 was strong support?

could have fooled me

 

[joepepper2001]

Quote from LT701:

12,500 was strong support?

could have fooled me

it was strong support 3 times, thats why when it broke tues and ran to 12400 and came back to test it at 12513 it failed, old support became new resistance

http://www.chartpatterns.com/headandshoulders.htm

 

[joepepper2001]

Quote from joepepper2001:

it was strong support 3 times, thats why when it broke tues and ran to 12400 and came back to test it at 12513 it failed, old support became new resistance

http://www.chartpatterns.com/headandshoulders.htm

http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:support_and_resistan

heres another example

 

[sumosam]

Landis, and Weisman,

I totally concur. With the vix up today, and the fed cuts to be announced, I say we rally soon. Ofcourse, we may not. I understand though, that we are presently in a "bullish 40 period" til April. Now, I don't think this corrective retracement will hold much beyond Feb 11. Is it possible for the market to go down too far, too fast? I somewho doubt it.

Good luck to us all!

 

[Cutten]

Quote from Landis82:

This is the 5th week of the decline, so we are getting close to making a trade-able low in my opinion.

Today, I had support levels in the SPX of 1324.20, 1319.75, and the all-important 1315.35 for an extreme move.

That's how I felt, but we still haven't had much fear yet, that's the only niggle. I guess it could be one of those bottoms where the selling just gets exhausted and then a rally starts to slowly build, seemingly from nowhere. Those "sold out" bottoms are much rarer than fear/climax bottoms, but they do occur from time to time. They can often lead to *huge* rallies. We should find out next week in any case.

Would you say it is better to get long Tuesday open, or wait a little to see how the action develops?

 

[NYOBScalper]

Last night I saw on bloomberg S&P futs trading down to 1305... looksl ike we'll test 1300 for support

 

[RichardRimes]

Quote from NYOBScalper:

Last night I saw on bloomberg S&P futs trading down to 1305... looksl ike we'll test 1300 for support

so no one (long) has a heart attack the following link directly with cmegroup.com give delayed (10min?) quotes and currently trading 1327-1328 up 2/3 pts

http://cmegroup.com/trading/equity-index/index.html

 

[GammaTheta]

quote from NYOBScalper:

Last night I saw on bloomberg S&P futs trading down to 1305... looksl ike we'll test 1300 for support

Last night? As in Friday night? Interesting considering Globex closes on Friday @ 15:15 and doesn't reopen until Sunday @ 17:00. Check the link http://www.cme.com/trading/res/te/tradehours.html#eq. Unless there are new hours that are not posted on the website?