{"id":621,"date":"2009-02-25T06:30:01","date_gmt":"2009-02-25T11:30:01","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=621"},"modified":"2009-02-25T06:30:01","modified_gmt":"2009-02-25T11:30:01","slug":"before-the-open-120","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=621","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Wednesday.
\nAt least for the near term, the SPX seems to have found support near its Nov low. Here\u2019s the daily chart posted before yesterday\u2019s open. Support from the Nov low and support created from a trendline drawn parallel to resistance and through a low within the pattern have held.
\n
\nAll of Monday\u2019s losses were recovered yesterday, so the market is approx flat for the week so far. Talking heads on TV are getting excited about a bottom being put in place, but I personally think we have much more downside to go. In fact I don\u2019t even think this bounce will last long. We didn\u2019t get the total washout needed to completely break the back of the bulls, so for now, I\u2019m treating this bounce like a bounce within a downtrend \u2013 not the beginning of an extended move up. Here\u2019s the VIX chart. It\u2019s not exactly indicating much fear in the market, and without fear, there will be no bottom.
\n
\nHere\u2019s the 30-min SPX chart. It should be clear sailing until 800 or so when the index bumps into a block of resistance. Then we\u2019ll get to see how strong the bulls really are. If the SPX can\u2019t get up to 800, then it\u2019s much weaker than I think.
\n
\nSo the overall trend is down, but let\u2019s respect the possibility a little bounce has started.
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Good morning. Happy Wednesday. At least for the near term, the SPX seems to have found support near its Nov low. Here\u2019s the daily chart posted before yesterday\u2019s open. Support from the Nov low and support created from a trendline drawn parallel to resistance and through a low within the pattern have held. All of […]<\/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\/621"}],"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=621"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/621\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=621"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}