Before the Open (Oct 28)

Posted on by Jason Leavitt

Good morning. Happy Thursday.
The Asian/Pacific markets closed mixed and little changed from their unchanged levels. Europe is mostly up – gains are small. Futures here in the States point towards a positive open for the cash market.
Here’s an update of the 15-min SPX chart I posted yesterday. The lower blue trendline which was drawn parallel to the upper blue line did indeed hold, so for now I’ll consider both blue lines to be significant on a short term basis…resistance up near 1188 and support down near 1173.

Looking out more than a day or two I’m still in conservative mode. The easy money has been made. We now have to wait for the charts to reset and for more high-probability sets ups to form.
I see no reason to be super aggressive here. Let the market come to you.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers

0 thoughts on “Before the Open (Oct 28)”

  1. the bigboys are selling at last and have showed their hand on the nyse tick–mostly below the
    top third of chart and mostly below the zero middle line–only insto selling can cause that
    AND
    as the usd is going down–so currency is decoupleing–and was during the europe session as well
    europe just closed –slightly up ,but it was selling into strenght
    But
    this is daytrading and trends change fast,except when the bigboys insto are determined to do something

  2. Neal—im trading 24 hours a day –so im in the trend before the cash open–europe controls the open via the futures–usa instos close the usa session–oz opens the futures for the usa after hours
    –whilst i dont like calling a top something looks like it is happening
    xxx–i could tell u some jokes ,but my oz sence of hummour is hard to take–oh and i never worry about spelling–never learnt–easyier going to uni if u cant spell,but im old and retired now

  3. just a note on nyse pit trader piviot points
    ndx was the weakest of the 3 and was leding the down so best to short
    it hit support piviot one ,where buyers can have orders–they did so we got a bounce to yesterdays close pulling the dji and spx up to the mid piviot and giving us a tick up extream and a great place to go short again–well at least for the next hour–usually takes a hour for a tick extream to work off

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