Wednesday, August 22, 2007

Thursday, 8-23-07


The last 45 minutes of trading saw the SP-500 index push above and close above 1459 resistance. At 18:00 when overnight Globex opened SnP futures popped 10 points and when Asia opened at 19:00 they opened up 3% so Thursday should be an interesting day for sure. Anomalies continue to overule normal cycles and technical methods. Thursday resistance is at 1473, support is at 1447. On the chart we can see a diagonal wave 5 that is nearly completed and a drop to near 1418 is the normal expectation. That 10 point pop by the futures indicates somebody knows something we do not know so we will find out Thursday morning.

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