Tuesday, May 19, 2009

PreMarket Thoughts 05/19/09




The market is currently above yesterday's High of 908.75, which is an intraday support / resistance point. Sixty Percent of the time during the last two years, the day following a day like yesterday, where the (Today's - Yesterday's Close) difference fell between the +1.0 and +0.5 Standard Deviation range and the (Open-Low) difference was less than 3, close below the previous day's close.
The probability of a negative close increases if the market trades below 908.75 with related markets showing a bearish tendency.
Charles

No comments:

Post a Comment