{"id":622,"date":"2009-02-26T06:30:02","date_gmt":"2009-02-26T11:30:02","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=622"},"modified":"2009-02-26T06:30:02","modified_gmt":"2009-02-26T11:30:02","slug":"before-the-open-121","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=622","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Thursday.
\nTotally random movement yesterday. Every little bit of news out of Washington caused either a moderate rally or sell-off. Here\u2019s the SPX 5-min chart over the last 7 days. The index had broken out from a head-n-shoulder bottom, but the end-of-day sell-off destroyed the pattern. We do however have a higher high and higher low in place.
\n
\nBacking up, here\u2019s the 30-min SPX chart. The head-n-shoulders above projects a move to about 810 \u2013 right near the bottom of the consolidation zone we identified last week. I still think that\u2019s very doable \u2013 assuming we don\u2019t get horrible news out of Washington.
\n
\nBacking up further, here\u2019s the daily. The long term trend is obviously down; this chart tells us how far the SPX can move up but still be considered in an intermediate term down trend.
\n
\nOne more: the weekly. If 800 is the bottom of the descending triangle, the long term target is 600, but if we get a nice bounce here and 750 is the bottom of a larger triangle, the target is 500.
\n
\nBe a little conservative here. News from Washington can jerk the market in either direction. My sense is the market wants to move up, but since we never got a total washout, I\u2019d expect a rally to get sold sooner rather than later.
\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 Thursday. Totally random movement yesterday. Every little bit of news out of Washington caused either a moderate rally or sell-off. Here\u2019s the SPX 5-min chart over the last 7 days. The index had broken out from a head-n-shoulder bottom, but the end-of-day sell-off destroyed the pattern. We do however have a higher […]<\/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\/622"}],"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=622"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/622\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=622"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}