S&P 500 Day Trading Daily Chart April 9, 2009
The close for S&P E-mini for Thursday April 9, 2009
854.00
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Today we had a bit of movement when we approached 800 before the market opened. Tonight in the Afterhours we are tesing some highs, 830-835 ish, we have a good bit of resistance up there so it would not suprise me if we close in to this range. Breaking above 850 will be difficult.
We are entering into a three day weekend with no trading on Friday. Markets are closed, so again we ask ourselves who is rushing in to buy over this three day weekend.
Could have a few short term rallies and retracements. Cover your postions well.
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If they wash these buyers out new lows could be on board and a chance for the capitulation. Intresting that none of the pundits or hacks out there are not mentioning a possibility of a move down. Like it is almost taboo.
We shall see.
Shall be posting a bit more on the picture of derivatives, the commercial paper and the next blood bath coming up. Funny how the myth of liquidity is the propoganda to keep our eye off the ball with valuations. I hope the new home buyers in this next buyers spree have at least 20% DOWN in order to cover their short term losses.