Still looking for that 1100 breakout like everyone else.. 1103.50 $SPX is confirmation

Yesterday gave us quite a ride and if you went long at the open you had a little detour before turning green.  This morning the banks and GE are reporting.  GE had an okay report, above on the bottom line and below on the top line. As of 7:30 we are working on a 4 point $SPX gap-up, we will see by 8am if that holds.  We have 8:30 CPI numbers and those badly timed 9:55 sentiment reports from Michigan to get through.

Quote of the day:
The fact that an opinion has been widely held is no evidence whatever that it is not utterly absurd; indeed in view of the silliness of the majority of mankind, a widespread belief is more likely to be foolish than sensible. – Bertrand Russell

 

Chart

Score

 Day-1

Change

40 DPI

+0

+2

-2

52 WNH

+2

+4

-2

10 DHL

+0

+0

0

Total

+2

+6

+4

 

On our breadth tracker we lost another 4 points.  We talked yesterday about being able to hold one more day in the bull column, well we used that up.  Today the well will run dry unless we can push to some new highs.  We don’t need to stay there, we just need to visit there.  Perhaps the bounce from the bottom yesterday is a setup for higher today.  But the charts say: “give the bull one more day”  and that is what we will do. 

 

 

$SPX chart:

 

Looking at the $SPX chart and you have to ask “can you get more sideways than that”?  We are now on attempt number 3 of breaking through 1100.  We took a running start from 1081 Thursday afternoon but time ran out and we find ourselves once again at the doorstep looking for a reason to push through.

 

Our pink line at 1089.50 broke yesterday and we came down to the 1081 gap line, bounced and recovered from there.  The good news is that if we break through to the upside we have a nice band of resistance we have built. up.

 

A breakout of 1100 needs to be confirmed by a breakout of 1104, anything shy of that is suspect.  Above 1103 is 1110 than 1115.  On the downside we are all familiar with the 1089 pink line now and of course the  1073 “must not fail for the bulls bottom”. Today OPEX expires and perhaps the markets can freely react to earnings news starting Monday.

image

 

Have a good weekend.. Enjoy OPEX Friday, even it means being a student and studying for the day.

Trade On!

Marlin aka: RedlionTrader

 

Latest Posts for:

52 Week New Highs

10 Day Highs minus Lows

40 DMA % Index

Be the first to comment on "Still looking for that 1100 breakout like everyone else.. 1103.50 $SPX is confirmation"

Leave a comment