Bernanke ended the 7 month streak of the market closing higher on the first day of the month. I believe that this is the start of the correction everyone has been waiting for. If the Dow Industrials take out the low at 11,803.0 I believe we will go and test 11803.00 quickly. Today I will be selling rallies as long as we stay below 1315.00. If we cannot hold 1293.50. I believe the market is in bad shape and could trade down to 1271.75.
Bernanke ended the 7 month streak of the market closing higher on the first day of the month. I believe that this is the start of the correction everyone has been waiting for. If the Dow Industrials take out the low at 11,803.0 I believe we will go and test 11803.00 quickly. Today I will be selling rallies as long as we stay below 1315.00. If we cannot hold 1293.50. I believe the market is in bad shape and could trade down to 1271.75.
Bernanke ended the 7 month streak of the market closing higher on the first day of the month. I believe that this is the start of the correction everyone has been waiting for. If the Dow Industrials take out the low at 11,803.0 I believe we will go and test 11803.00 quickly. Today I will be selling rallies as long as we stay below 1315.00. If we cannot hold 1293.50. I believe the market is in bad shape and could trade down to 1271.75.
Bernanke ended the 7 month streak of the market closing higher on the first day of the month. I believe that this is the start of the correction everyone has been waiting for. The Dow Jones Transports have been leading this charge down. If you believe in the Dow Theory, which I do, then watch the Dow Industrials to see if they confirm and take out the low at 11,803.0. At this point the Industrials and Transports trend would turn from bullish to bearish. If the Dow Industrials take out the recent low at 11,983.2 I believe we will go and test 11803.00 quickly. Today I will be selling rallies as long as we stay below 1315.00. I am looking for the market to test support at 1293.50. If we cannot hold 1293.50 I believe the market is in bad shape and could trade down to 1271.75. I will be keeping my eye on the DJI to see if they trade below 11983.2 because I believe that will put a lot of pressure on the S&P. As for data today we still have Bernanke talking along with Crude Inventories and Beige book all which could move this market. I am always keeping an eye on the news in the Middle East and the price of Crude Oil. This market gets ugly below 1293.50.
S&P Cash Top of Value 132300
E-Mini Daily E-Mini Weekly Weekly Bottom of Value 130325 • 138000 • 138450 • 139261 • 135850 • 136975 • 136981 TPO Point of 132875 • 133675 • 133900 • 134701 Control High Volume Bar 130800 • 131500 Pivot • 130825 Pivot • 132420 Pivot • 129350 • 128625 • 130140 Prior Day’s 130100 • 127175 • 124675 • 137860 Settlement • 127175 • 121600 • 135744 Average Trading 1782 Range
10 Day Moving Average 131820 Prior Day High 133650
20 Day Moving Average 131911 Prior Day Low 130075 50 Day Moving Average 129253 Weekly High 133650 200 Day Moving Average 116513 Weekly Low 129625