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The Last Channel
November 21st, 2008 at 10:11am · 1 Comment
I thought I’d made some mention of the level of the lower daily channel over the last few weeks, but a quick check of the archives didn’t turn it up. It seemed impossible then that stocks could falll to that level, but they have. In fact, the S&P decisively cracked all the lower channels, 60 minute, 135 minute, weekly and monthly. All except the daily, which is now at 740. We are at the last level of support. I’m inclinded to think in the face of Armageddon, the S&P will find support here.
Tags: General Market Commentary · S&P 500
1 response so far ↓
1 deacon31 // Nov 21, 2008 at 10:30 am
GLD tagged 50 day ema at 76.95 for the high o day… decmeber precious metals and grains options expire today, so front contracts will be GCg9, SIh9,HGh9,Ch9,Sf9,Wh9,CLf9…
december crude expired yesterday, so it’s possible that was a low, as it’s possible the options manipulation today will be a gold high, often market turns on these options expirations or contract rollovers, as commercials have ‘finished their work’…one example was the last trading day on fall equinox for crude, closed it about 125 and it’s been straight down ever since…if the SP puts win the week, then many will find themselves short futures to open monday, and week after op-ex is opposite many times, one factor all the new holders of futures contracts the boyz will try to run em out
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