actio-et-reactio
Balance is but a brief transition between extremes.
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Friday, July 08, 2005
The Market Reacts to London Terrorism
Once again,
vicious acts have ended the lives of precious people, bringing grief to countless families, and all who mourn the loss of any life. This subject is too vast for a few words here, so perhaps a
meander will happen at a later time.
The market reaction was reflected in the pre-open Globex hours, and as shown in the ES continuation chart below, was less than a point from a tag of the 62% retrace of the move off the April lows. The cash index, on the other hand, dipped only below the 38% before rebounding. This divergence (of a sort) has me watching price at 1208 on ES (1204 SPX). A move above, with a test from above would be bullish (at least for the next test of the recent high), and a move above and back down with a test from below bearish for a test of the April lows. This may take a couple of days. Good trading to all.
Labels: chart-analysis, market-buzz-gurus
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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