Bret Kenwell Well, basically on the ES right now. we bounce here. or we break now lows for the day. not be a Negative Nancy, but my guess is the latter.
Bret Kenwell: Yes, but keep in mind those are from the overnight. So while relevant, a 1296 print would put us at the lows while market have been open.
5/18/12
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OneLongTrade: Gotcha, I didn't notice that was from overnight.
5/18/12
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Bret Kenwell: Si. So, yes it is important surely. But I would focus more on the market hours low personally. Hope we don't see new ones.
OneLongTrade: Indeed. SPX doesn't have much for support until 1278, the 200 day. Hard to see it going from 50-200 day in a straight line down.
5/18/12
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OneLongTrade: All the more reason I think we bounce before then. But market may need something to happen this weekend before it does.
5/18/12
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Bret Kenwell: definitely needs something other than a technical catalyst. Though another 15 handles or so till the 200, hell we could see that Monday even
5/18/12
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OneLongTrade: I could just as easily see a 30 handle move up taking us back above the S3 pivot. Let's see what the G8 brings.
5/18/12
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OneLongTrade: If SPX closes near the lows then we'll probably see those 15 handles next week.
5/18/12
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Josh Krause: How fun would it be if they closed us at cash S&P at 1300.00. Robot powah!
5/18/12
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Bret Kenwell: IMHO OLT, I think we just need to finish about 1300. not even in the green, though that would be close. support has had holes in the floors
5/18/12
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Bret Kenwell: for the past 2 weeks, going down almost every single day. we coughed up over 100 handles in that frame. we need to hold 1300 otherwise
5/18/12
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Bret Kenwell: who knows what else is to come honestly. If G8 really f%$* 's us, then I'd say we give back all the gains the S&P has seen this year.
