Intraday Commentary ~ 07/20/2009

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FocalEquity

– July 20, 2009Posted in: Intraday Commentary, Stock and ETF Models

1:43am
Here’s the SPX daily chart showing some strong resistance around the 945-950 level… and we might need more than just one hit to break this..
 

12:20am
Futures are slightly higher despite the 7% rally that we had yesterday.. although I must warn the bulls once more, even though it looks great for the bulls, we are hitting up against longer term resistance from 2008 (descending) which sorta covers the 945-950 region on the SPX… we hit it at 953 last time on the S&P and now we’re hitting it around these levels.. If we break above, buy on dips, but we might not break above it, and so the H&S could still technically form.

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215 Comments

1. FLguy

   Posted July 20, 2009 at 5:51 PM

   http://1.bp.blogspot.com/_TwUS3GyHKsQ/SmI7EOgUfmI/AAAAAAAABHs/rFjvd9azG-Q/s1600-h/950.png

   Works for me

   • momoney

     Posted July 20, 2009 at 6:36 PM

     so, according to the chart since we closed above 950 we are going to 1000!

     • FLguy

       Posted July 20, 2009 at 6:46 PM

       Above 956 I’ll ditch hedges. Til then, caution

2. Alex

   Posted July 20, 2009 at 7:29 PM

   If All Else Fails…

   Try “Seasonality.”

   http://lh5.ggpht.com/_APmrYvpA45s/SmTog8yxtrI/AAAAAAAAD54/oFo2u5s-e3s/s1600-h/Seasonality%5B2%5D.png

   h/t Cobra

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