Monday, November 12, 2007

Daily Numbers for Tuesday, Nov. 13/07


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ES Resistance @1455-1459, 1496-1500, 1524-1528, 1534-1538, 1548-1552, 1558-1561, 1574-1578
ES support @1420

POC=1462.50 (4-day downtrend)
Weekly Pivot @1477.5

Things are not looking good for this market. The dead cat tried to bounce today, but got beaten back for the second session in a row by the bears in the last hour of trading, a deja vu of what happened on friday. Markets are oversold now, but that doesn't carry much meaning these days, as sellers come out of nowhere and viciously beat down the bulls.

I am starting to get the sense that we may see another flush out like the one that occurred on Aug. 16/07. Note that that low of 1380 has never been tested by the way.
Anyways, tomorrow, will likely won't see another repeat of the selling in the last half hour, but by no means does that mean there won't be any selling. I do like the idea of selling at resistance and will plan for that trade tomorrow.

Some numbers I will be watching for other markets:


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