Good morning. Happy Tuesday. I’m still here (at home) even though I got an evacuation notice last night. Following news on Twitter, 3000 acres have burned, 900 homes evacuated, 20 homes burned and 1 death. This has been the worst ski season in CO in many years, so I wouldn’t be surprised if this is just the beginning.
The Asian/Pacific markets closed up across-the-board (except for China). Japan moved up 2.4%, and Hong Kong, India, Indonesia, Singapore and South Korea rallied more than 1%. Europe is currently trading mixed and with a bearish bias. There are no 1% movers. Futures here in the States point towards a slight down open for the cash market.
The dollar is flat. Oil is flat and copper is down. Gold and silver are flat.
The Russell broke out again yesterday (it must like Mondays) and closed at a new high. This is attempt #2. We’ll see if this one holds. The Nas and S&P also closed at new highs while the Dow put in a rock solid day and closed just below its own high. Semis closed at a new high. Financials matched their high from last week. Many other groups are at new highs. The song remains the same. The uptrend is solid and trying to guess when it will end is flat out stupid. Don’t over analyze and don’t think too much. Play the best charts from the best groups, and give ’em some room to move around. Don’t make trading harder than it is. What else can I say? When the trend is super strong, you don’t need to dissect the market from 20 different angles. More after the open.
headlines at Yahoo Finance
headlines at MarketWatch
today’s upgrades/downgrades
this week’s Earnings
this week’s Economic Numbers
0 thoughts on “Before the Open (Mar 27)”
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Brian – in line with Jason’s comments, the hourly SPX chart (having apparently completed a 3 wave corrective pattern) is showing a clear 5 wave upside pattern which suggests further upside. Absent a wave extension, I’m looking for a corrective pullback at some point today, perhaps from 1420.
Hey Pete – Hit the top of the channel on the futures contract. I was looking for the S&P to reach 1421. But, today’s high of 1419.15 kinda appears complete. The blinker is on. But, not sure the driver is committed to the turn. A pull back to 1409 is reasonable. But, a drop below 1397 shows commitment. – IMO
In line with Jason’s comments, I may be stupid. I’ll just never learn the lesson to stop speculating on a change in trend when it appears more likely than not.
why are there so many different ways to look at Elliott wave–it makes it a very subjective subject,with only a few ever getting it right and not even the experts aggreeing,but Pete i must say u have been right most of the time
as for myself watching all the indexes together side by side ,there is a definite correlation intraday between sup/res /piviots and all move in sinc and thats all i can follow and watching for live indicator divergences /confirmations
AussieJS – I agree with you about EW analysis. All you have to do is look around the internet and you’ll find different interpretations of the same SPX pattern. It’s a mistake, IMO, to consider it as forecasting tool in & of itself. E.G., if you combine it with your support/resistance pivot points, trendlines and Fibo numbers, the combination of technical indicators may suggest a high probability turning point in the time frame you’re trading for a low risk trade. That’s all you can expect from TA, in my opinion, i.e. a low risk trading opportunity – long or short.
My problem has always been deviating from the trading time frame I’m most consistently successful trading in and then getting myself confused and frustrated. Emotions & subjectivity are the part of trading that always seem to be the most difficult to control.
Thanks Pete,
and i agree mind set is 90% of the game and im far more confortable with the intraday side of things
the intraday pull back in usa –if thats what u can call it ,has little momentum at this stage
but ftse/dax both just closed are showing clear reversal days/poss false breaks
with ftse almost a key outs side reversal
In SPX, Fibo support begins at about 1412 down to 1400, but 1407-1409 could be an area where at least initial support comes in. So far, it appears to to be an orderly correction of the 5 wave up move from 1388ish.