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Test Time
October 21st, 2008 at 11:49am · 7 Comments
The eMini is now poised to go down and test the lows of October 10 at the end of this week. Prices have touched the upper channel at the 989 level indicated yesterday and are in the early stages of the move to the lower channel. I expect we’ll see at least 890-900 on this move down, but much lower prices are possible.
Tags: S&P 500
7 responses so far ↓
1 apharris // Oct 21, 2008 at 12:14 pm
“I expect we’ll see at least 890-900 on this move down, but much lower prices are possible” -why are much lower prices possible?
2 cholm // Oct 21, 2008 at 2:42 pm
Lower prices are possible for at least 2 reasons:
1) We are in a bear market which will likely surpass the lows of 2002.
2) In the markets, *anything* can happen.
(Forgetting #2 has ruined more careers and portfolios than you would think possible.)
3 muellerjoerg // Oct 21, 2008 at 3:15 pm
Chris was right. This really looks very bearish.
Joe
4 muellerjoerg // Oct 21, 2008 at 6:10 pm
I wonder if we’ll get a real fat tail this time.
Joe
5 muellerjoerg // Oct 21, 2008 at 8:13 pm
Chris,
Which date would be more important, the Dark Days around the coming weekend or the Nov. 10th turn date? In other words, would you rather expect a sudden swoon of 200 points or so in the S&P500 or a cascading waterfall into November 10th? – I know this might be impossible to answer ahead of time. Better be prepared for both.
Thanks, Joe
6 tobject // Oct 22, 2008 at 12:18 am
muellerjoerg,
we could have series of ups and downs as well
24th-27th could be a low
with hard rally into 29th
when a drop til 10th
Bradley model turn date is December 14th. So general direction is down til December
7 muellerjoerg // Oct 22, 2008 at 12:43 pm
Well, the decline is in full motion. Thanks again for Chris and other commenters. This could have been disastrous.
Joe
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