Futures & Options Broker
Thursday, August 02, 2007
Our game plan for Thursday was to short early strength and then cover and buy the first pullback that stabilized. It worked out perfectly. The market rallied to 1479.50 and theNasdaq futures rallied to 1972.75. Our first strong resistance zones were the 1479.25-1479.50 area on the SPfutures and the 1971.75-1973.50 area on the Nasdaq futures.That was about 25 minutes into the day and a selloff to1466.00 on the SP futures and 1955.75 on the Nasdaq futures followed. That coincided with the 60 period ema on the 5minute SP chart, giving a good reversal. The market ralliedto test its highs, then pulled back again. That pullback held the updated support at 1466.00 on the SP futures and bounced back. The move didn't stick and they came back for one more test of that level. However, 1466.50 was defended and the market rallied to new highs in the last hour. The sprint was a mini version of the Wednesday ramp up, but it was sold after reaching 1483.00 on the SP futures. That 7 point pullback on the SP futures brought in buying and the futures rallied back to close near the highs for the day. On Friday we get ...
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