{"id":5465,"date":"2012-03-22T07:35:38","date_gmt":"2012-03-22T12:35:38","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5465"},"modified":"2012-03-22T07:35:38","modified_gmt":"2012-03-22T12:35:38","slug":"before-the-open-mar-22-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5465","title":{"rendered":"Before the Open (Mar 22)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mixed. India dropped 2.3%; otherwise there were no standouts. Europe is currently down across the board. Austria, France, Germany, Amsterdam and Stockholm are down more than 1%. Futures here in the States point towards a moderate gap down for the cash market. <\/span>
\nThe dollar is up. Oil and copper are down. Gold and silver are down. <\/span>
\nFor the second straight day the market failed to follow through on Monday’s Russell breakout. On Tuesday the market gapped down and grinded higher most of the day, but the market never got above its unchanged level. On Wednesday it opened flat and grinded higher most of the day until some selling into the close. Now we have another gap down. Here’s the 15-min S&P chart. A steep support line was broken, and now we have two days of tight trading below support. <\/span>
\n\"\"
\nOn Monday I mentioned that it was a perfect time for the market to pull back because so many things were finally lined up. Many indicators which had been lagging had curled up. Many events that could have caused selling were over. The small caps had finally hit a higher high. A wall of worry was climbed for several weeks, and as soon as the worry went away, it made perfect sense for prices to pullback. So far it has happened. <\/span>
\nHere’s the 60-min S&P chart going back to December. You can’t argue or fight this trend. There’s support at 1400, but that level will be taken out at the open. After than support is at 1375.<\/span>
\n\"\"
\nThe long term trend remains solidly in place, but we’ve had less good charts to play lately. I’d love a real pullback to allow the charts to reset, to allow better set ups to form. More after the open.<\/span>
\nheadlines at Yahoo Finance<\/a><\/span>
\nheadlines at MarketWatch<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
\nthis week’s Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
\n