Wednesday, November 21, 2007

Pre-Opening Comment - 11/21/07

Globex futures are currently down 14 points and at their worst overnight they were calling
for a retest of the Cash Low in the 1420 area.

There are a couple of key numbers to watch today

1454 - 1455 Should prove strong resistance
1420 - 1421 Should prove strong support

I will most definitely be looking to fade a lower open.
Not right away mind you, but if all looks good in the first 3 minutes or so then I will
pull the trigger on the long side.

MAGIC NUMBERS - If the S&P 500 cash can trade above or below these numbers for 3-5 minutes, then there is very strong odds of a tradeable move forthcoming.

1441.30 - Staying above this Magic Number will signal a move to 1451.35
1427.90 - Staying below this Magic Number will signal a move to 1417.85

Pivot Points for today
PIVOT - 1437.21
Resistance - 1446.17.....1455.13.....1462.85.....1470.57.....1487.25.....1503.93
Support - 1429.49.....1421.77.....1412.81.....1403.85.....1387.17.....1370.49

No comments:

Trend Analysis LLC Headline Animator