23 Jul
Pre-open eMini S&P 500 Morning Report for July 23, 2010
Posted in Uncategorized by Bob English at 9:08:13 3 CommentsThe Precise Take – Signs of risk preference reappearing
Big Picture Analysis: It has been a volatile week, and that trend is likely to continue today, as the final European bank stress test results are due to be released just after their close today, at noon EDT. Yesterday, bulls were able to drive the ES, and comfortably close, in the green value area, below—what we considered a necessary first step prior to and potential bellwether of a breakout of the 1100 level. If there is a pullback first, the yellow box, also marked below, from 1076 to 1079 should hold as support today or early Monday. Otherwise, another perceived failure just under the 1100 level may give the bears too much ammunition.
Leaders Analysis: We were watching primarily long term Treasury yields and the AussieYen. The 10 Year Yield is up materially, though now at its old long-standing trendline resistance. The AussieYen has just barely…
sdg
on July 23 2010 at 10:38:00
ES daily chart had a bullish trend reversal yesterday. So I was looking for a buy signal this morning. The sh(n)ake out was brutal but I survived it and made some $$$.
Bob English
on July 23 2010 at 10:42:37
Yes, that was rough. Did not see 84.00 as significant in the ES, but NDX and RUT hit strong pivot support. T-77 until the stress test fireworks.
spainconsultant
on July 25 2010 at 17:41:50
corrections
clear path up (not down)
doubtful thoughts link http://www.youtube.com/watch?v=qHFxncb1gRY