Todays Markets

Thursday, October 23, 2008

We got the break down of the inside day and a perfect drop down to the rising trend line, We spiked a little lower then rally back into the pattern, 60 min stochastics are in a oversold area and we could see a reaction rally today. Watch the first hour of trading to see what levels we can work off of. Now doing calculations last night, the measured move on a downside break of this triangle calls for a target of 725, That brings us below 2002 lows, and would definitely bring us to a level i would feel comfortable getting very aggressive in the markets. Watch 887 and 864 today on the S&P.

Watch the 20 ema on the 5 min for a move up any spike up above it should be watched for a retest of the Ma on the upside and a move higher