23 Aug
Pre-open eMini S&P 500 Morning Report for August 23 2010
Posted in Uncategorized by Bob English at 9:13:40 5 CommentsThe Precise Take – Equities up marginally ahead of quiet news day
Big Picture Analysis: Friday was a quiet options expiration; however, the indexes held what we considered critical support and closed in their upper range, rallying modestly overnight. Though 10 Yr T-Note futures did not close below the 125’15 level, they are trading below that level as we write. Looking to the other leaders, the Euro is weak, though against the Yen it is very close to strong support from 107.9 to 108.0. The Australian Dollar, after gapping down against the US Dollar and Yen, has recovered and is up sharply. Accordingly, the leaders are suggesting some initial equities weakness that could reverse on a EuroYen bounce off support. On the combined session 60 minute chart, the ES has formed an inverted head and shoulders pattern. Acceptance above 1077 neckline suggests a rally to test the 1094.25 50% retracement level, where shorts will have the opportunity to…
Bob English
on August 23 2010 at 10:54:08
For anyone wondering what happened at 1080.25, that was a 50% short from last week’s high that I missed in the S/R chart.
spainconsultant
on August 24 2010 at 03:53:06
9,20 am in a sunny hot Majorca, and I´m too sleepy yet, by the way in case there is some young male soul here, women are not supposed to snore…..but they do…….fathers advice you to tell the true and you find they lie………… politicians, bankers and brokers are supposed to lie……..you can trust them, they do
Besides that so important reflection and going to facts, Nikkei closed below 9.000, (8995) euro/yen is swinging the 107 frontier, a price didn´t see since Bush II had nice rating approvals and a high empathy with the Supreme Court; something is happening in Asia……nikkei is 20 % down from April 113xx high, though China close up half point today. Some are calling that 20 % mark is the oficial declaration of a bear market (?) there
Going West forr ES we are in 1058 the lows for the last weeks and not far from Bob´s 1055.5 Europe Dax future is below 6.000 for first time since it crossed up in mid July, and Eurostoxx below 2650. Ibex (Spain) in a case study is holding the 10.000 line it touched last week……….. Santander, Telefonica, a not so difficult to manipulate index and and easier juncture as in August Spain is officially and privately on holiday may interfere for now. By the way Spain is not far from that 20 % line too
Lot of mentions to house figures today, but GDP revision may be in mind……..looking further next week Friday is job report? Is it first Friday of every month?
Good night and sequent morning to everyone
spainconsultant
on August 24 2010 at 04:05:03
1055.75 as 4.03 am in Niu Yoll
spainconsultant
on August 24 2010 at 08:35:29
We are very close to the 1050.50 flash crash low, the 1040-1050 area has been an ejection point in mentioned flash crash, then mid-end may, then june beggining , and mid july, failed in june end (rebound 1002-1010). Today there´s POMO I think. But thinking in days if this 1040-50 is not clearly rejected as Bob say this baby (bear) can grow up…….. Anyway market is being terrible moody this last months. Just a shot in the air…………..I´ll recommend reading the master´s report with attention this and following days. Ibex is holding 10.000 line, wall street would speak soon, if the worst of the day is over, it holds……… otherwise we could have a 3-4 % day around here. (1,60 %) now, with french CAC and German Dax at 1,90% and 1,25 % respectively
Yen traders are going bananas
Twitted by Bob_English
on August 24 2010 at 23:02:34
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