{"id":2713,"date":"2010-02-22T08:33:17","date_gmt":"2010-02-22T13:33:17","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=2713"},"modified":"2010-02-22T08:33:17","modified_gmt":"2010-02-22T13:33:17","slug":"before-the-open-feb-22","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=2713","title":{"rendered":"Before the Open (Feb 22)"},"content":{"rendered":"

Good morning. Happy Monday. I hope you had a nice weekend.<\/span>
\nThe Asian\/Pacific markets started the week closing mostly up (only China lost ground, and there were several 1% gainers). Europe is currently mixed. Futures here in the States point towards a moderate gap up open for the cash market. This comes off a week the indexes rallied very nicely and took out resistance levels from two weeks prior.<\/span>
\nTwo weeks ago everyone was predicting the end of the uptrend and beginning of a new leg down. I was open to the idea (I don’t care what way the market goes), but with several internal breadth indicators being at oversold levels, I was looking for a bounce, and bounce is exactly what we got. Now many of those same indicators are in overbought territory, and considering the winning streaks (the Russell is up 9 of 10 days for example), the risk\/reward for entering new longs isn’t good up here.<\/span>
\nEarly last week I identified 1100 (on the 30-min chart) and 1105 (on the 15-min chart) as S&P resistance. Both levels have been taken out. The next target is 1130, but I’d like the market to rest before surging higher. <\/span>
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\nBe careful out there.<\/span>
\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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