Before the Open (Sep 15)

Posted on by Jason Leavitt

(I increased the font size. Do you like it better or does it not matter? Let me know by commenting below. Thanks.)
Good morning. Happy Tuesday.
The Asian/Pacific markets closed mostly up – there were a couple 1% gainers.
Europe is currently mostly up – gains are on the small side.
Futures here in the States are green by a couple ticks – as of now it’ll be a flat open. …

Here’s the weekly SPX. A rising wedge within an overall downtrend is right up against a very thin trading area. The wedge either resolves down or gets invalidated by melting up. There may not be much resistance overhead because since little volume took place between 1050 and 1250, there won’t be many traders/investors looking to get out even.

Here’s another version. A line parallel to the lower support line has been drawn through a high point in the pattern. Per median line theory, this resistance line may contain the price action, so don’t assume the index will travel entirely through the thin area. Also, if the index moves up, former resistance at 1200 may come into play (in fact if it takes several weeks to get up there, the upper blue line may cross 1200 very close to when the SPX gets there).

These are the longer term areas I’m looking at. Nothing is guaranteed, so don’t assume anything is going to happen. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
yesterday’s Sector Performance
this week’s Earnings Reports
this week’s Economic Numbers
open a real-time futures demo account at…


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