{"id":4352,"date":"2011-05-18T07:25:13","date_gmt":"2011-05-18T12:25:13","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4352"},"modified":"2011-05-18T07:25:13","modified_gmt":"2011-05-18T12:25:13","slug":"before-the-open-may-18-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4352","title":{"rendered":"Before the Open (May 18)"},"content":{"rendered":"<p><span style=\"font-size: medium;\">Good morning. Happy Wednesday.<\/span><br \/>\n<span style=\"font-size: medium;\">The Asian\/Pacific markets closed mostly up. Indonesia, Japan and South Korea each gained about 1%. Europe is currently mostly up. The indexes range from being flat to being up about 0.7%. Futures here in the States point towards a flat or slightly positive open for the cash market.<!--more--><br \/>\n<\/span><br \/>\n<span style=\"font-size: medium;\">The dollar is up slightly. Gold, silver and oil are also up.<\/span><br \/>\n<span style=\"font-size: medium;\">If the market was supposed to sell off hard after the indexes broke down from their 2-week consolidation periods, the memo was not widely disseminated. For those who believe that once a level is taken out, a downtrend or bear market exists, I ask you where is the cascade of selling?<\/span><br \/>\n<span style=\"font-size: medium;\">In my eyes the near term trend is down, and dips are shortable until it becomes obvious that&#8217;s a bad idea. But tops take a long time to form. Bottoms can often form in a single horrific washout followed by a huge move up on huge volume. Tops on the other hand tend to be rounded and characterized by several up and down thrusts which act to shake as many traders out of the market in both directions as possible.<\/span><br \/>\n<span style=\"font-size: medium;\">Here&#8217;s the SPX weekly. The trend remains up on this longer term time frame&#8230;although the rate of ascent is slowing.<\/span><br \/>\n<img src=\"http:\/\/leavittbrothers.com\/blog\/i\/spxW051811.png\" alt=\"\" \/><br \/>\n<span style=\"font-size: medium;\">Here&#8217;s the 60-min chart. Support at 1330 was taken out but a trendline drawn parallel to the top trendline and through the bottom of the pattern has thus far contained the action. Resistance to the upside is 1330 and the top trendline in the high 1340&#8217;s. Support is the lowest trendline currently just below 1320.<br \/>\n<img src=\"http:\/\/leavittbrothers.com\/blog\/i\/spx60051811.png\" alt=\"\" \/><br \/>\n<span style=\"font-size: medium;\">headlines at <a href=\"http:\/\/biz.yahoo.com\/apf\/archive.html\">Yahoo Finance<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">today&#8217;s <a href=\"http:\/\/briefing.com\/Investor\/Public\/Calendars\/UpgradesDowngrades.htm\">upgrades\/downgrades<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">yesterday&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=4348\">sector performance<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=4331\">Earnings<\/a><\/span><br \/>\n<span style=\"font-size: medium;\">this week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/blog\/?p=4333\">Economic Numbers<\/a><\/span><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\nvar gaJsHost = ((\"https:\" == document.location.protocol) ? \"https:\/\/ssl.\" : \"http:\/\/www.\");\ndocument.write(unescape(\"%3Cscript src='\" + gaJsHost + \"google-analytics.com\/ga.js' type='text\/javascript'%3E%3C\/script%3E\"));\n\/\/ ]]><\/script><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\nvar pageTracker = _gat._getTracker(\"UA-6273151-1\");\npageTracker._initData();\npageTracker._trackPageview();\n\/\/ ]]><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Wednesday. The Asian\/Pacific markets closed mostly up. Indonesia, Japan and South Korea each gained about 1%. Europe is currently mostly up. The indexes range from being flat to being up about 0.7%. Futures here in the States point towards a flat or slightly positive open for the cash market.<\/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\/4352"}],"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=4352"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/4352\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}