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GLOBEX 12-04-08


Some thing to ponder, besides the 872.50 21 day moving avg on the daily chart.... 1008.50 top- 739 low was 269.5 points and a 50% retracement is ...(drumroll),... 873.75 Small wonder the 872.50-877 zone is giving at least some short term resistance. Also note that the entire crash from the May top at 1441.00 to the crash low at 739.00 is 702 points. 0.236 retracement comes in at 904.50. REMEMBER THE DAILY PROJECTION OF 904.50?(STILL VALID UNLESS 739 IS TOUCHED AGAIN).
i think higher for sure- not that i am turning bullish but seem like the bulls have the handle here
was stopped shortly after an ill advised chase at 868.00 for a loss of 2 handles on the day.... and palmer , if you read my post youll see i was making a case for 872.50-877 area!
oh yes- I know
AS FAR AS 852.. frankly ,thats a mystery to me. To get that close and not obtain it is strange to me! Perhaps denoting bullishness, i dont know. have to let the market tell me.
SEE THAT CYCLE? (1 min chart) 6:59 to 7:19... called for a low at 7;39... thats why the little move up here...
well two up days in a row- over the past few weeks whenever we get 2 up day then we sell the third. Last week 5 day streak broke that. I wonder what they will do today
THEYLL LIKELY ATTEMPT THE TOP OF THE 'TRIANGLE around 880-885 then fail and pullback, that is IF they can get thru the 872-77 resistance area!
WTF!
wow pretty decent downdraft there- what happened
sOMEBODY SURE DIDNT WANT ANY COMPANY O/N THE DOWNSIDE!
with the last major pre market cycle high of 74.25 to the cycle low of 50.5 don't we get a projection of 89.0 unless 50.5 is taken out?