S&P daily pivots and break-down & up Targets

Howdee,

I left my computer for about an hour. . .still short and have been for more than a month. Couldn't add more NQ, since we didn't get up to any extreme levels.

But gained back equity lost during the pullback. THIS MARKET IS UGLY. I think even the day-traders got faked out today, no?

Well with the Vix up again I think we will see capitulation if not today, sometime this week. I mean visibility given by banks and brokers should be enough to put in a short-term bottom. Short-term that is - if most of their BS at the expense of taxpayers is moving behind us and that is a BIG IF.

Anyway let's hope the cat is let out of the bag and this market can move forward with a new 'confirmed' rally.pS

Meanwhile, what do you think Joe. . .a close below 1240 so soon would mean a new leg down, right?gA

:D OUCH! Ultimate target: 1215

Sad times for our country as banks continueg to topple -

first this

12:00 [NCC] National City says no unusual depositor or creditor activity.

then this

2:01 [NCC] National City has over $12 bln excess short-term liquidity.

and lastly (you know) this

BULLETIN >> NATIONAL CITY HALTED; SHARES DOWN 27%.

and now this

12:07 [WM] Washington Mutual shares fall 27%, to $3.53

<b>They oughta lock up all the politicians!</b>
 
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This is what a close under 1240 would look like, this is why I was saying we must close over to avoid further downside
damage.

News coming out so we shal see what brings today

levels where resepcted last night
 
Wow! Talk about a bounce. I am being patient and looking for a "possible" near-term top. My plan is to STO NQ & ES. Joe's thread has been beneficial thus far, but I am still a newbie when it comes to analyzing intraday charts.

So help! I figure after a breakout at 1237.5 a move to the "ultimate" target above 1253 would constitute a good entry (overhead resistance).

Am I wrong in this analysis? If we make it there I will enter short ES and extrapolating to the NQ chart, I am looking to enter at 1840.

pay$

Edit: If the ES can't break through 1237.5, we have a moot point:confused:.
 
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