Today is Tuesday October 27th and things slowed down a little today after yesterdays wild ride.
The S&P cash came into the support area I mentioned in my posting yesterday, a short comment but this is what I wrote.
From yesterdays blog: “Currently the cash S&P support is about 7 points lower from its current level.”
Like I said, it was a short comment identifying the next major area of support as I saw it. Yesterdays cash S&P 500 close was 1066.94 and the support that I saw did in fact come in exactly at that area today, with the index dropping to 1060.82 after 35 minutes of trading. It then moved up off that area by 12 S&P points only to drop all the way back down to the exact same support area I mentioned yesterday, for yet again a second time. At 10:35 the index was back at support, 1060.62, this time, for 10 minutes until it moved out 8 points up off the same support area.
It is important to note something about todays market. We had the Dow with a gain today of about 14 points and the S&P with a loss of around 3 1/2 points. This is not a huge disparity, but it is worth noting. The Dow has not pulled back far enough to establish its natural rhythm for this pull back, while the S&P has. If the Dow had pulled back along with the S&P, I would feel better about this support level holding, but to often you see the Dow come back at a latter time and finish its move, only to then force a break of support for the S&P.
So, what I am trying to say is, I am a little suspect of this support holding, on the S&P. I would like to see it hold and have the index make its final push up to the 1120 area like I have been calling for the last 6 months. I believe once that level is hit, the players will not have a reason to hold on any longer and really start selling, but that is my take on it. It does not have to be yours.
Let me give you a web site to take a look at. You may want to share it with your friends. I find it very interesting in that a picture is worth a thousand words. Their is not a lot of words but a lot of numbers, BIG ONES. The average person, I believe will be shocked and even the not so average. I still get chills to my spin when I look at this.
Before I say where this site is, I have been following these numbers for literally decades, no kidding. Just like I thought back then, I think the same now. It won’t last forever without a massive shift taking place.
This is a big reason for the continued problems which lie ahead. You can not spend more than you make and expect things not be effected. All of these numbers are backed up and if you put your mouse over the box, it will give you the source. Take a look at the bail out numbers, WOW.
Last warning to all with a weak stomach, don’t go to this site…. The bottom line is what everyone always talks about. If you see the bottom line and especially the bottom right hand corner, cover your eyes. “Alright already, give me the site, your killing me.” I know, sorry but, disclosure and all for the faint hearted.
http://usdebtclock.org/ There it is !
I should have my website update pretty soon, look for new content and new lower prices for my course. The time to make your money is now. If you have trading resources, get yourself ready. There is no better time to go forward with fulfilling your trading dreams. The content in my program I believe will help you get there. Look for the updates in a week or so. Those interested now and want more information, E-Mail me at vinnie@sniperdaytrading.com
Vince
Related posts:
- Near Perfect, in todays trading !
- May be my most important post: History
- Very important post, long term picture
- Will Dow Jones Industrial support hold?
Tags: Dow, holding, rally, S&P 500, Sniper, support, trading dreams
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