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Thursday, February 24, 2011

2/24 Daily Commentary

Just got home.  SPX and SP futures have completed a 5 down and are in the process of an irregular flat upward correction.  DJI and DJ futures have completed their 5 down at the new low today.  Nasdaq comp and ND futures completed their 5 down yesterday and today and held above their lows.  I1 is in short-term neutral and the DJI critical support M/A was broken at 12,135 and has become resistance currently at 12,167 and gently falling.
SPX with a 1318 target for wave c
Overnight I have an order working to sell NQ futures at 2348.50.
No end in sight for the bond rally. 
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2 comments:

  1. AnonymousFebruary 25, 2011 at 5:09 AM

    Steve

    Should have seen the ABC move coming, hope your resistance levels hold for the start of that 3rd wave I was looking for.

    Jack C

    ReplyDelete
  2. AnonymousFebruary 25, 2011 at 5:33 AM

    Steve

    The revised GDP numbers (2.8) should only help thing along here for those on the fence.

    Jack C

    ReplyDelete