I won't be able to gauge any levels until after all of the pre-market earnings are out of the way, but if needed, immediate support is located at approx. 858 SPX. If you look on the 40-day chart, you can clearly see the narrowing rising wedge. A major move is coming soon. Typically, in most cases, these patterns are bearish. Coupled with the fact that the market rallied 28% from it's March low, it seems likely that we will start heading down sometime soon. All options are on the table.
Pre-market earnings: C, GE, FHN, MEG, STU, AOS. None matter more than C and GE, obviously. As for econ reports, we have only the U of Mich. Consumer Sentiment coming out at 9:55AM EST. Consensus is 58.5 with a range of 58.0 to 61.0, with a previous reading of 57.3.
The SPX is closing in on my near-term target of 875. Even though I am long, I grow uneasy as the wedge continues to take form.
1 comment:
I’ve seen your blog link from Ed’s Blog. Like his posts, I also found yours useful and helpful. I hope you can share your articles on FreshPips.com. I’ve been there for almost 5 months now and I’ve noticed they have fundamental news from news sites like CNN, Bloomberg and other big new sites but not too many bloggers.
I think a market commentary with charts like yours will definitely help newbie traders. Other traders can always use your posts and charts as a reference or learning tool.
Have a great weekend! :)
Czarina Cleopatra
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