Some pretty significant chart events occurred today in the futures markets, prior to open of regular trade. Of course, we had another attack in London. But YM (DOW futures) hit a high of 10760 before selling off rather rapidly. Those of you who follow my blog and columns elsewhere know that this is the gap close from March and a key number to sell off from. Secondly, ES (SPX futures) tagged a high of 1246, right at 61.8% fib projection from June (see chart). Coincidence? You be the judge. In any case, it warrants taking aggressive short positions from now on. Wall Street heads to the Hamptons soon, and no one wants to be left holding the bag while the market cools off.
click on chart for full size
click on chart for full size
This entry was posted
on Thursday, July 21, 2005 at 3:50 PM.
