{"id":2162,"date":"2009-10-30T07:17:02","date_gmt":"2009-10-30T12:17:02","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=2162"},"modified":"2009-10-30T07:17:02","modified_gmt":"2009-10-30T12:17:02","slug":"before-the-open-oct-30","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=2162","title":{"rendered":"Before the Open (Oct 30)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\nThis week has played out nicely. I turned bearish over the weekend…my 6 bearish set ups calmly moved to their targets. Now I’m in wait and see mode. Besides the easy money being gone, the next week is unclear. The S&P dropped right to my target (mid 1040’s) and is now bouncing. Support and resistance from here are not easily identifiable. Not only do the charts need to reset, the market needs to decide what it wants to do next. Several key groups have registered lower lows recently – were these false breakdowns or the beginning of an extended move down? This is what the market needs to decide. <\/span>
\nAs noted a couple times, the pullback wasn’t that much different that previous pullbacks, so there’s no reason to get super bearish or assume the uptrend is over. If it doesn’t make sense for the market to keep rallying, don’t worry about it. The extent of the move off the Mar low already doesn’t make sense.<\/span>
\nHere are the daily and weekly SPX charts. I see nothing wrong with the action.<\/span>
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\nheadlines at Yahoo Finance<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
\nthis week’s Earnings Reports<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
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