{"id":490,"date":"2009-05-26T06:30:17","date_gmt":"2009-05-26T11:30:17","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=490"},"modified":"2009-05-26T06:30:17","modified_gmt":"2009-05-26T11:30:17","slug":"before-the-open-60","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=490","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Tuesday. Hope you had a nice weekend.
\nIt looks like we\u2019ll begin the week with some slight weakness as indicated by the futures market being down a couple points, but this of course could change between the time this is posted and the opening bell.
\nBoth the bulls and bears got something to be excited about last week but neither could get much follow through. The week started strong and ended weak \u2013 everything gained Mon, Tues and early Wed was lost late Wed, Thurs and Fri. The high and low of the week were contained within the high and low of the previous two weeks, so the consolidation continues and pressure builds.
\nAll the indexes have closed below the middle of their Bollinger Bands on the daily charts. In all cases, my targets are the lower bands. For the SPX, this constitutes a move to about 855. Here\u2019s the chart.
\n
\nSummer is officially here. Let\u2019s consider a couple scenarios. 1) SPX support at 875 will be taken out but it\u2019ll be a bear trap. After some selling pressure, the market will quickly rebound and eventually rally to a new swing high. 2) Support will hold, and after more consolidation, a new swing high will be registered. 3) Support will be penetrated and it\u2019ll be obvious from whatever bounce occurs afterwards that lower highs and lower lows may be the norm for the summer. Whether the lows are tested quickly or in several months may not be apparent, but it won\u2019t matter. Playing the downside would become our focus.
\nRight now I\u2019m neutral with a slight bearish lean. Some internal breadth indicators I look at are breaking down.
\nSometimes it\u2019s easy to trade\u2026sometimes it\u2019s more challenging. Right now it\u2019s a challenge, so I\u2019m not being overly aggressive.
\nheadlines at Yahoo Finance<\/a>
\nstocks to watch from MarketWatch<\/a>
\ntoday’s upgrades\/downgrades<\/a>
\nyesterday’s leaders & laggards<\/a>
\nthis week’s earnings & economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Tuesday. Hope you had a nice weekend. It looks like we\u2019ll begin the week with some slight weakness as indicated by the futures market being down a couple points, but this of course could change between the time this is posted and the opening bell. Both the bulls and bears got something […]<\/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\/490"}],"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=490"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/490\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}