The collision of global markets and social mood

Friday, March 28, 2014

Friday Bounce Levels

Futures chopped higher overnight. A weak bounce into the 1857-1858 area today would not surprise me, and would be a great candidate for a fade trade.

At this point, it is probably only a matter of time before 1839.57 breaks. In that the new moon is Sunday (1:48 pm EDT) it may exert some pull on the trend. In other words, the current trend may continue and a new one may begin after the new moon +/- a day or two.

If astronomy isn't your thing, it may be interesting to note the the market closed right at the 23.6% Fibonacci retracement level (just 46 ticks below it). A retest of yesterday's lows seems highly probable, as does a quick break of them, along with the 39.57 level. But so far the market is hanging in there amid considerable pessimism in the media.

I would consider yesterday's target, 1863.64, as the max upside today.

No comments:

Post a Comment