Supports... or those old lows. Technicals Friday
All markets took out that huge uptrendline support,if you connect the lows over the last several months. THAT is a no brainer. It was a " V " rally.. too steep and it has failed that trendline.
Now, forget the trendline support or resistance.
We have horizontal supports to deal with here. I take things one day at a time these days.
Support to me is:
SPX:875
DOW:8200
NDX:900
Still a ways below us.
Start selling off manana and I think you have to expect a bounce there before we can think about those old lows.
Ill be covering any shorts .... short term if it gets there Friday. Short untill then... the sectors I was talking about.
All sectors broke today except for Gold and Aerospace..
Im still long gold, depending how HUI and XAU handles those old highs set in 3 or 4 days ago.
We also have a nother trendline I have not mentioned. Chartman draws this in his page, but the " dumbass " draws the wierdest trendlines. He does not always honor all points. I need to give him a lesson.
We closed today smack dab.... right on it in all 3 markets. Break that Friday and the selling will move with power... intraday I think untill thosae supports I said are reached.
Expect an intrady bounce there.
Unless..... Im dead wrong, we have huge eco numbers in the morning and the market gaps and runs. I think not... but if it does, forget I ever wrote this.
LOL
Manana
