Good morning. Happy Monday. Hope you had a nice weekend.
The Asian/Pacific markets closed up across the board – there were several 1% winners. Europe isn’t fairing as well, but it’s still mostly up. Futures here in the States point towards a small gap up open for the cash market. This comes off a week where the Russell traded cleanly through its resistance zone, the Nas moved to the top of its resistance, the S&P rallied into its resistance zone, and the Dow lagged. It is just now approaching overhead supply. Four indexes at different stages.
The internal breadth indicators tell me there’s more upside to go before being at an extreme level, but the S&P is on a 6-day winning streak and is due for a day off. An off day or two would set the stage for the next mini leg up which officially put the market in overbought territory.
Here’s the SPX daily chart. 1150 is the top of the resistance zone and it’s the top Bollinger Band on the weekly chart. It’s my target for now. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers
0 thoughts on “Before the Open (Mar 8)”
Leave a Reply
You must be logged in to post a comment.
iwm to 50, 10y to 3%. it was fun while it lasted.
Hi Jason.
I guess you ment 1150 as the top the resistance zone on the S&P500, and not 1050? 🙂
Ooops, yeah I meant 1150. Thanks. 🙂
Hi,
You write : “Here’s the SPX daily chart. 1050 is the top of the resistance zone and it’s the top Bollinger Band on the weekly chart. It’s my target for now. More after the open.”
Inside it, you mention “1050 is the top of the resistance zone” : isn’t it 1150 you were thinking ?
Best.
Sal.
“The internal breadth indicators tell me there’s more upside to go before being at an extreme level, but the S&P is on a 6-day winning streak and is due for a day off. An off day or two would set the stage for the next mini leg up which officially put the market in overbought territory.”
Jason I think you nailed this one.