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It Could Get Ugly
October 23rd, 2008 at 1:22pm · 3 Comments
The eMini is decisively below the lower 60 minute channel so now we look to the 135 minute channel as the likely ending point for this decline. That number is now at 819 and will be around 805 at tomorrow’s close. You have to figure that once the October 10 low at 837 breaks, a significant number of sell stops will be triggered. The next 26 hours should be interesting. A bottom could come in at either Friday’s close or Monday’s open.
Tags: Day Trade · General Market Commentary · S&P 500
3 responses so far ↓
1 NickG // Oct 24, 2008 at 4:17 am
Any view on Dollar? I am worried the autumn crash is a currency thing this year, not yet a proper equity crash, so maybe we have to sell dollar at the new moon, rather than buy equities?
2 AC // Oct 24, 2008 at 5:54 am
Bizarrely was logging in to make a very similar comment to Nick. Just seen Sterling crash this (European) morning – it’s worst since the 1990s crises. So even if equity markets are a damp squib over next 24 hours, seens like the animal spirits of the season are manifesting themselves in currency markets. Is the play out of US Tsys and into European equities ?
3 alexk // Oct 24, 2008 at 7:08 am
The anniversary of last year’s GBP/USD top @ 2.116 on 09NOV07 will be aligned with the 10-11Nov target for stocks.
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