{"id":620,"date":"2009-02-24T06:30:59","date_gmt":"2009-02-24T11:30:59","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=620"},"modified":"2009-02-24T06:30:59","modified_gmt":"2009-02-24T11:30:59","slug":"before-the-open-119","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=620","title":{"rendered":"Before the Open"},"content":{"rendered":"<p>Good morning. Happy Tuesday.<br \/>\nHere\u2019s an updated version of the intraday chart before yesterday\u2019s open. The SPX gapped right up to resistance and immediately sold off. The gap filled, and last week\u2019s low was easily taken out. I still consider the trendlines to be significant because they\u2019re still containing the price movement.<br \/>\n<img src=\"http:\/\/leavittbrothers.com\/stocks-options-futures-trading-before-the-open\/images\/spx022409-1.png\"><br \/>\nHere\u2019s the daily chart. A line drawn parallel to resistance (upper blue line) and through a reaction low within the pattern suggests we may have a support level not far below yesterday\u2019s close. This level coincidentally coincides with the Nov low.<br \/>\n<img src=\"http:\/\/leavittbrothers.com\/stocks-options-futures-trading-before-the-open\/images\/spx022409-2.png\"><br \/>\nHere\u2019s the weekly chart. A descending triangle has resolved down. The size of the pattern (from 800 to 1000) puts the target at 600.<br \/>\n<img src=\"http:\/\/leavittbrothers.com\/stocks-options-futures-trading-before-the-open\/images\/spx022409-3.png\"><br \/>\nAbout an hour before the open, the futures market says we\u2019ll get another gap up which, like yesterday, will be shortable at the open or within the first half hour or so. After some backing and filling, we\u2019ll see if buyers step up to support the market or not.<br \/>\nheadlines at <a href=\"http:\/\/biz.yahoo.com\/apf\/archive.html\">Yahoo Finance<\/a><br \/>\nmovers &#038; shakers from <a href=\"http:\/\/www.marketwatch.com\/news\/story\/Tuesdays-biggest-gaining-declining-stocks\/story.aspx?guid={504A4D7B-D4AA-4B4E-BCE6-7B1EBA59A97A}\">MarketWatch<\/a><br \/>\ntoday&#8217;s <a href=\"http:\/\/briefing.com\/Investor\/Public\/Calendars\/UpgradesDowngrades.htm\">upgrades\/downgrades<\/a><br \/>\nthis week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/economic-releases-earnings-reports\/2009\/02\/22.cfm\">earnings &#038; economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Tuesday. Here\u2019s an updated version of the intraday chart before yesterday\u2019s open. The SPX gapped right up to resistance and immediately sold off. The gap filled, and last week\u2019s low was easily taken out. I still consider the trendlines to be significant because they\u2019re still containing the price movement. Here\u2019s the daily [&hellip;]<\/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\/620"}],"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=620"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/620\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=620"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}