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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).
Yesterday if I had taken the s@856.50 out of that flag at 8:13, I would have gotten whacked as it headed to 860.
NEXT SHOULD BE 851.25
EVENTUALLY much lower...841 area?
GM all. Re the news, fwiw, I believe the earlier spike up to 74.25 wasn't related as much to the ECB or BOE rate cuts (which were pretty much baked in) but to strong WalMart SS sales. On the heals of that news MRK guided below expectations and DD announced a big jobs cut. The later two offset the WMT good news which seems WMT specific.
YEP- 841 is the low value area for today so very very possible
selling
I can't help it. SS if 853.5 is hit
kool I have left these projections on from that abc off the bottom...look how they continue to provide s/r

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Mistake order is 853.75 Stop is 851.75
Yup amazing.. when i got home this morning it was like seeing last nite all over again i kept getting the same zones also ..861, 856 etc
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?