{"id":527,"date":"2009-04-16T06:30:43","date_gmt":"2009-04-16T11:30:43","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=527"},"modified":"2009-04-16T06:30:43","modified_gmt":"2009-04-16T11:30:43","slug":"before-the-open-75","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=527","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Thursday.
\nThe market traded range bound most of yesterday until the last hour when it surged upward. Maybe the charts were painted, maybe they weren\u2019t. In any case, the dailies don\u2019t look back. One down day on Tuesday coming off a couple up days isn\u2019t anything to be overly concerned with. I\u2019m officially neutral right now.
\nOn one hand, the trend is up\u2026every dip gets bought\u2026the bulls have been very resilient. There\u2019s a part of me that thinks there may be a threshold overhead that once crossed could cause a huge short squeeze and a parabolic rally.
\nOn the other hand, the internal breadth indicators are in overbought territory\u2026volume has declined as the rally off the lows has materialized\u2026there are lots of unfilled gaps below\u2026resistance is right overhead\u2026and of course the long term charts are still in bear mode.
\nAggressive trading should be done when the odds are in your favor, and right now I don\u2019t see the odds being heavily in our favor in either direction. Overall the charts look good, but if selling begins, the SPX could be down 100 in two days. That\u2019s how bear markets work. They lure you in and then pull the floor out.
\nHere\u2019s the daily SPX. Gotta be more conservative up here near resistance, but overall, there\u2019s nothing horribly wrong with this chart.
\n
\nHere\u2019s the SPX 30-min chart. Each successful pattern seems to be getting smaller and smaller. On light volume, this in my opinion is more bearish than supportive of the move.
\n
\nBe conservative. No big chances right now.
\nheadlines at Yahoo Finance<\/a>
\nstocks to watch from MarketWatch<\/a>
\ntoday’s upgrades\/downgrades<\/a>
\nthis week’s earnings & economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Thursday. The market traded range bound most of yesterday until the last hour when it surged upward. Maybe the charts were painted, maybe they weren\u2019t. In any case, the dailies don\u2019t look back. One down day on Tuesday coming off a couple up days isn\u2019t anything to be overly concerned with. I\u2019m […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/527"}],"collection":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=527"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/527\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=527"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}