Bounce on Thursday
After a 60 point move down in 4 days, SPX found support at 870 on Wednesday.
Pre-market is showing strength…
On wendesday, ES built up lot of volume in the 880-882 region. If the gap up is above that, then this region might act as support and we might get a trend-up day.
Dollar is weak again, pushing oil back up. Here are key resistance levels for some of the stocks and indexes that I follow. These are good points IMO to initiate a short position.
Be wary of today being a trend up day though. As for the move to the downside, I think a visit to 790-810 is in the order.
ES – 886, 900 (key resistance levels)
CME – 290 (previous swing lows)
ICE – bounce to 90 (major resistance). Next level is up at 105 – doubt if ICE gets that far
AAPL – gap fill at 140 (The gap at 142.50 may not get filled)
RIMM – 67.50-68
GS – 142.5 and then 145
Oil – 63 (trend line), 66 (50% retrace of move down)
