{"id":4805,"date":"2011-08-26T07:15:04","date_gmt":"2011-08-26T12:15:04","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4805"},"modified":"2011-08-26T07:15:04","modified_gmt":"2011-08-26T12:15:04","slug":"before-the-open-aug-26-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4805","title":{"rendered":"Before the Open (Aug 26)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\nThe Asian\/Pacific markets closed mostly down. India and Malaysia lost more than 1%. Europe is down across the board. Every market (except Austria) is down at least 1%. Futures here in the States point towards a negative open for the cash market. <\/span>
\nOn a long term basis, my stance remains the same. The trend is down; I expect to see much lower prices in the future. On a shorter term basis, the market could certainly pop, but after looking at 500 charts last night, I can conclude the odds are not great. The charts are not healthy. There are too many downtrends, too many bearish patterns. Here’s the short term chart I’ve been working off of. The gap filled, and now the S&P is sitting on support…but futures suggest the S&P will open below support. <\/span>
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\nBacking up a little, here’s the 30-min chart. A 7-month horizontal trendline was broken earlier this month, and now we have a bearish distribution pattern within a downtrend. Yesterday’s high needs to be taken out quickly or else this pattern will break down, and the S&P could quickly drop to 1000.<\/span>
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\nHERE’S<\/a> a link to my public list at stockcharts with some trading ideas.
\nheadlines at Yahoo Finance<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
\nthis week’s Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
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