{"id":1989,"date":"2009-10-06T07:33:59","date_gmt":"2009-10-06T12:33:59","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=1989"},"modified":"2009-10-06T07:33:59","modified_gmt":"2009-10-06T12:33:59","slug":"before-the-open-oct-6","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=1989","title":{"rendered":"Before the Open (Oct 6)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nComing into this week I said the onus was on the bulls. They had to dig their feet in and defend their turf. So far, so good. Yesterday was a solid up day (albeit on light volume) and today we’ll get a big opening gap up (not desirable – I’d prefer a slightly down or flat open followed by a solid move up). Here’s the daily SPX<\/strong>. The current action doesn’t look that much different than the previous couple reaction lows. …<\/span>
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\nHere’s the 60-min<\/strong> chart. The early-Sept gap up did not fill. 1040 has been resistance and support a few times the last 7 weeks, so watch for it to be support today if the opening gap fills.<\/span>
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\nAnd here’s the 15-min<\/strong> chart. Upside resistance comes in at 1050 (the area of last week’s break down) and then 1056ish (a previous support level turned resistance).<\/span>
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\nOverall the market isn’t in bad shape. Higher highs and higher lows remain the pattern, but yesterday’s light-volume move followed by today’s gap up isn’t exactly the ideal way to form a bottom.<\/span>
\nheadlines at Yahoo Finance<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
\nyesterday’s Sector Performance<\/a><\/span>
\nthis week’s Earnings Reports<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
\nopen a real-time futures demo account at…<\/span>
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