Markets start off with a pull back. JJC (copper) remains above 46.75, now at 47.38, so the market bulls are fine despite the selling. CRB is at 322.51, under the 327.90 level so further bullish upside is not on the table. As long as JJC holds 46.75, then the downside is limited.
SPX 1278-1280 support is holding so far today. Nasdaq percentage is not down as much as S&P percentage which hints that the dowside will be muted today. If JJC stays above 46.75 and CRB stays below 327.90, the session should play out sideways for the broad markets. If JJC 46.75 fails, the market selling will accelerate. University of Michigan Consumer Sentiment is 10 AM, a potential market pivot point minutes away.
Note Added 10/28/11 at 10:45 AM: SPX price came down to test and bounce off 1277, the 12-month MA, a very important number now thru the Monday close.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.