This is my expectation for today.... we need a little bit of weekness. Up futures will probably get sold... but buyers will come in and catch that fairly quickly.
Resistance at 125.75... there is some additional overhead resistance at the 125 level but it more a Trendline ... I expect a Standard "lunch time" correction. Asuming we get it... and it's longer than 30 minutes... I suspect we will top out at the close.
SO.... Upside resistance...There is a trend line setting up on the 125.70 level.
the 126.40 level is the jan, march low's.
Also, 127.50 there is a trend line setting up on it... also the 20 dma is on it too. that should be enough resistance to stop the trend.
Futures are set up now on the 125.50-125.75 level... if that stays... we could sell off quick. Umn.. or it could kick off enough short covering to push us thru with no problem. I want to see... a little restistance, followed by some nice upmove Then we can setup for an Honest "correction" in the trend... which should setup for an hour or so.
Up-Down-Up
Thursday, July 17, 2008
my chart of the SPY
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