{"id":568,"date":"2009-03-23T06:30:42","date_gmt":"2009-03-23T11:30:42","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=568"},"modified":"2009-03-23T06:30:42","modified_gmt":"2009-03-23T11:30:42","slug":"before-the-open-93","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=568","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend.
\nLast week the market rallied into and out of the FOMC meeting but then sold off Thursday and Friday. SPX 800 proved to be a tough level to overcome. That\u2019s ok. The market needed to rest. Besides resistance levels coming into play on all the daily index charts, numerous internal indicators we follow (put\/call, VIX, McClellan Oscillator, tick) were at levels that have typical led to weakness, not continued strength. Hence, a little backing and filling was needed.
\nHeading into this new week, I was looking for a little more weakness or at least enough sideways trading to allow the charts to re-set. We\u2019ve had some great breakouts the last couple weeks, but now the charts are a mess. But there will be no weakness at today\u2019s open. Nas 100 futures are up 25 and SPX futures are up 20. If these levels hold until the open, the market will open near Friday\u2019s high. The media says Wall St. is cheering the Obama administration\u2019s plan to resolve the banking crisis. I\u2019m sure that has something to do with it, but the futures started moving up last night.
\nHere\u2019s the 30-min SPX chart. We have a thin area between 800 and 825 and assuming the futures don\u2019t tank in the next hour, we\u2019ll have another unfilled gap below.
\n
\nI scaled out of longs late last week. Now I\u2019m day trading and waiting for the charts to reset.
\nheadlines at Yahoo Finance<\/a>
\nmovers & shakers from MarketWatch<\/a>
\ntoday’s upgrades\/downgrades<\/a>
\nthis week’s earnings & economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend. Last week the market rallied into and out of the FOMC meeting but then sold off Thursday and Friday. SPX 800 proved to be a tough level to overcome. That\u2019s ok. The market needed to rest. Besides resistance levels coming into play on all the […]<\/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\/568"}],"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=568"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/568\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=568"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}