08.30 am Amsterdam
Funny guys those market guru's. People who had been mentioning that 'the worst had been over' are slowly switching to MAYBE NOT!.
Well I am bearish overall for the coming 1-2 years, but this kind of moves are opportunities to make some money. As i wrote yesterday night, buying around these levels with a stop max at 870 in the S&P future can give some handsome returns.
Thats what I am going to try. I do expect bounce from these levels or from 880(876 worked the last time). S&P future is trading around 889.5, nicely around the first big support. We might not even see the 880 and just move up, but still I expect a test to the BIG SUPPORT 880. A bounce might take the market to first 902-911-929
In the daily chart , the green line is the famous 200 day moving average. Red is the 50 day Moving average. There is a slight increase in volume as the market penetrated the lines but i just take this as a sign for upside weakness. In the down most indictaotr, you can see the MACD is getting close to 0 for the first time in almost 3 months with increasing power. Interesting.
Blue line is the BIG 870-880 support range(876 being the latest).The chart marks from October 08 on.
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