Thursday: Trading Actions In The S&P 500 Index

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Thursday: Trading Actions In The S&P 500 Index

By John Lee on November 7, 2008 | More Posts By John Lee | Author's Website

Prepare for tomorrow (Friday), because there are only two options:

#1 - S&P 500 (^GSPC) forms a double-bottom right off the 900 level, despite the terrible Employment Situation report and we head up to at least 20-day MA resistance. The VIX (^VIX) fails the 20-day MA resistance and falls back towards the 50-day MA.

-or-

#2 - We break 900 and we automatically head straight to 840-850 where the last support level is located before we make a new low. 900 appears to be a strong support area, but then again, fear is just as strong.

The Employment Situation report: 8:30AM EST

SPX 1-day

SPX 3-day

SPX 10-day

SPX 6-month

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