{"id":375,"date":"2009-08-03T06:30:07","date_gmt":"2009-08-03T11:30:07","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=375"},"modified":"2009-08-03T06:30:07","modified_gmt":"2009-08-03T11:30:07","slug":"before-the-open","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=375","title":{"rendered":"Before the Open (Aug 3)"},"content":{"rendered":"<p>Good morning. Happy Monday. Hope you had a nice weekend.<br \/>\nThe market sold off into last Friday\u2019s close but still closed at its highest level of the week. If the current futures levels hold, the late-day losses will be recaptured at today\u2019s open. The Asian\/Pacific indexes closed mostly up with a handful gaining more than 1%. Europe is currently up across the board.<br \/>\nGive the extent of the move off the July low and where we are in relation to previous activity, &#8230; <!--more-->I don\u2019t think there are obvious support and resistance levels to trade off. We are somewhat in no-man\u2019s land.<br \/>\nHere\u2019s the SPX 60-min chart. It\u2019s gone 120 points in 3 weeks and is at its highest level since last November. Psychological resistance may exist at 1000 (that also happens to be where the upper Bollinger Band on the weekly chart sits), but without a decent amount of trading taking place there, the level is more mental than technical. And support? Your guess is as good as mine. Sure I could draw a trendline under the lows and call it support, but the line is so steep. Mathematically it has to break eventually, and a break doesn\u2019t necessarily spell an end to the trend. The market may continue up at a slower pace.<br \/>\n<img src=\"http:\/\/leavittbrothers.com\/before-the-open\/images\/spx080309.png\" alt=\"\" \/><br \/>\nAs I said over the weekend, the trend is up; don\u2019t fight it, but don\u2019t get complacent either. The market isn\u2019t going to go straight up forever. I\u2019ll post more comments after the open.<br \/>\nheadlines at <a href=\"http:\/\/biz.yahoo.com\/apf\/archive.html\">Yahoo Finance<\/a><br \/>\nstocks to watch from <a href=\"http:\/\/www.marketwatch.com\/story\/stocks-in-focus-for-monday-2009-08-01\">MarketWatch<\/a><br \/>\ntoday&#8217;s <a href=\"http:\/\/briefing.com\/Investor\/Public\/Calendars\/UpgradesDowngrades.htm\">upgrades\/downgrades<\/a><br \/>\nyesterday&#8217;s <a href=\"http:\/\/leavittbrothers.com\/leaders-laggards\/2009\/07\/31.cfm\">leaders &amp; laggards<\/a><br \/>\nthis week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/economic-releases-earnings-reports\/2009\/08\/02.cfm\">earnings &amp; economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Monday. Hope you had a nice weekend. The market sold off into last Friday\u2019s close but still closed at its highest level of the week. If the current futures levels hold, the late-day losses will be recaptured at today\u2019s open. The Asian\/Pacific indexes closed mostly up with a handful gaining more than [&hellip;]<\/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":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/375"}],"collection":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=375"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/375\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}