The S&P Futures have opened for the week with a nice size gap up right into the 78.6%Fibonacci retracmenet of the multi day swing down that ended last week
The news that the debt ceiling deal is very close is the reason behind the sharp move.
Here's some news on that: http://www.huffingtonpost.com/2011/07/31/harry-reid-debt-ceiling-deficit-deal_n_914465.html
Stickiness above these highs suggests a full retracement to 1313. Failure here could lead to support at 1300, follwoed by 1292
If we gap up big at the Monday open, it could lead to a nice fading opportunity.
As I finish this up, we are ripping it higher here, so let's see if they bid it up all night
tiny
I think we all knew the market would jump up a bit once the folks in Washington made some sort of agreement. I will hang on to my shorts here as the summer is not over and I think we will see 1292 or lower before the month of Aug is out.
ReplyDeleteWell that didn't take long SPX at 1279. Very nice fading opportunity. Do we get to 1256ish before to decline is over?
ReplyDelete