What you see below are the actual updates as they were posted by Harry. The only difference between what you see below and what our subscribers see is that the past 24 hours of updates have been removed from the commentary below.
| Date/Time |
Comment |
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| 3/12/2010 12:36:48 PM |
Once again the markets seem to be stuck in a tight range with very little movement. I still we could see a move to upside before the day is over. In either case, I am calling it a day since the movement is so stagnant and my charting software has been very temperamental. Have a great weekend.
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| 3/12/2010 11:04:06 AM |
I have managed to get my charts working again temporarily. The markets were able to rebound off my support levels but I would have liked the S&P’s to trade above the 114600 level and above the 192400 level in the NASDAQ in order to turn the tide back to the upside. I still want to be a buyer on this setback especially if this retest turns out to be a double bottom. |
| 3/12/2010 10:44:32 AM |
I have lost my charting tools due to a failure in the network. I won’t be able to update any comments until the problem is fixed. This may be my last comment if I can’t get this resolved soon. |
| 3/12/2010 09:26:07 AM |
The S&P’s and the NASDAQ futures are nearing my support areas and could be ready to mount a rebound. I still want to be a buyer on this setback with a stop below the 114000 level in the S&P’s and below the 191300 level in the NASDAQ. |
| 3/12/2010 08:44:33 AM |
Traders are taking advantage of the higher opening by taking some profits in the early going. Just as before, I would use this setback as a buying opportunity as long as the S&P’s stay above the 114100-4000 level. |
| 3/12/2010 08:10:20 AM |
All my support & resistance levels are basis the June contract since that contract is being traded in the front month configuration. The retail sales numbers have come in strong and seem to be adding to strength of markets. A close above the 115000 level in the S&P futures should be a strong indication the market will show some upside follow through again next week that could take that market up around the 118000 area. I would look to be a buyer on any setbacks in the S&P’s as long as that market can maintain the 114200 level and the 191600 level in the NASDAQ. |
| 3/11/2010 01:07:47 PM |
Once again the markets have been able to move outside the levels I mentioned in the last comment but the fact that the markets are rolling over may be the reason why the markets keep moving to outer extremes while maintaining a neutral trend. I am going to continue to stay on the sideline till I see a strong move out of the range.
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| 3/11/2010 11:32:37 AM |
The S&P’s managed to trade below the 113740 level by just a tad as the ultra light volume continued to keep the markets wedged in a tight range. My overall trend indicator is dead neutral and is keeping me from getting involved without any real movement out of the current range. The NASDAQ and Russell are indicating a slight bias towards the downside and could influence the S&P’s to do the same. That slight bias remains intact as long as the NASDAQ stays below the 191450 level and below the 113950 level in the S&P’s. The Russell needs to stay below the 67000 level in order to maintain the downside bias in that market. |
| 3/11/2010 10:17:22 AM |
Volume is light due to the involvement in the spread market by most of the institutions. The S&P’s were able to rebound just above the 114000 level to the 114150 level mostly on the strength of the NASDAQ and the Russell. The trend remains stagnant for the time being but that could change if the S&P’s trade below the 113740 level in the June contract. |
| 3/11/2010 09:18:10 AM |
After a strong push to the downside, the S&P’s have been able to rebound strong all the way back to the 113900 level in the June contract which I mentioned in the last comment. So far that lave has stood up to the test and has forced the markets to back down a bit. I am a bit surprised at the strength of the NASDAQ and the Russell that seems carrying over to the S&P’s. I still want to stick with the earlier scenario as long as the June S&P’s stay below the 113950-114000 level. |
| 3/11/2010 08:52:06 AM |
The June S&P’s have seen some early selling but so far hasn’t been able to attract any real downside pressure that would fuel a strong move. I think the direction is correct for the time being as long as the June S&P’s stay below the 113900 level and below the 191200 level in the June NASDAQ.
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| 3/11/2010 08:05:42 AM |
The June contracts will be traded in the front month configuration today but my numbers reflect the March contracts. I will be referring to the June contracts during my daily comments. Tomorrow’s numbers will reflect the June contract. That being said, the markets are seeing some weakness this morning after testing the highs from early January. The failure to make new highs in a significant manor seems to have sparked another round of profit taking that could continue to lose strength in the March S&P’s as long as that contract stays below the 114100 level and below the 191000 level in the March Nasdaq. |
| 3/10/2010 01:55:14 PM |
The rebound seems to have been a bit weaker than expected and could give way to another round of selling as we head into the last hour of trading. Watch for new selling below the 114300 level in the S&P’s and below the 191500 level in the NASDAQ. |
| 3/10/2010 01:12:33 PM |
The strong setback below the 114400 level has worked out well but it looks like this current rebound may be able to muster enough momentum to attract some new buying as long as the S&P’s stay above the 114430 level and above the 67380 level in the Russell. The Russell may be the market to decide the direction for the next two hours till the close. |
| 3/10/2010 11:03:55 AM |
The S&P’s were finally able to retest the 114700 area by taking out that level by 100 points. I’m sure you all know what I’m going to say, the failure to make a new highs by more than 150 points usually constitutes a double top that has resulted in this setback from the highs. The S&P’s are going to have to trade below the 114400 level in order to attract some downside momentum while the NASDAQ will require a move below the 191250 level in order to see some type of retracement in that market. |
| 3/10/2010 09:01:54 AM |
Just as I mentioned in the first comment, if the S&P’s test the 114500-4700 area and puts in a double top, I would look for a setback. Well it looks like that run up to the 114375 area could have been the test I was waiting for. Look for some increased downside momentum below the 114000 level in the S&P’s and below the 190300 level in the NASDAQ. I don’t want to rush the issue since there is a good possibility that the markets could try one more time to reach those levels. I don’t want to be short unless I see a clear test of those levels or I see a move below the numbers I just mentioned. |
| 3/10/2010 08:17:08 AM |
The markets are just a tad lower this morning. I was hoping for the S&P’s to try and test the 114700 level but so has only been able to get within a couple hundred points of that level. If that market tests either one of those levels and puts in a double top, I would expect a setback from there that could gain some momentum below the 113750 level and below the 189700 level in the NASDAQ. There will be a report on wholesale inventories at 9:00 CST followed by the weekly crude oil supply numbers at around 9:30 CST. This is the last day to trade the March contract in the front month configuration. I would expect traders to pay close attention to the spread market as many of the institutions roll over their inventories.
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| 3/09/2010 02:02:53 PM |
Once the NASDAQ traded below the 190700 level it set off some profit taking in the other markets and has gained a bit of momentum. The S&P’s will have to trade below the 113900 level in order to gain any real momentum while the NASDAQ futures would have to trade below the 189700 level in order to seriously change the scenario into the close in that market. I would look for this weakness into the close to continue as unless the S&P’s make a move back above the 114400 level and above the 191000 level in the NASDAQ.
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| 3/09/2010 01:03:00 PM |
The upside momentum was able to carry the S&P’s all the way up to the 114500 area just short of the old 114700 high. Once again it looks as if the move to the upside has sparked another round of profit taking that could gain some momentum once that market trades below the 114200 level and below the 190700 level in the NASDAQ. If those levels remain intact, I would look at any setback as another buying opportunity. |
| 3/09/2010 11:18:42 AM |
The markets keep working their way higher in a slow methodical process. There may be a bit of profit taking up ere near my 114240 resistance area but unless the S&P’s trade below the 113900 level, I would look at any setbacks as a buying opportunity. |
| 3/09/2010 10:12:32 AM |
The S&P’s managed to rally up top to the 114125 level just above an old high, and have set back a bit from there. This may be a buying opportunity as long as the S&P’s don’t fall back below the 113550 level. The strength of the NASDAQ is certainly playing a part in this rally mostly on the strong news from Cisco. The NASDAQ futures would have to trade below the 189150 level in order to turn the tide in that market. |
| 3/09/2010 09:09:13 AM |
The S&P’s tried to set back a bit from the 113680 area but there is still sufficient strength from the NASDAQ to help lead the way higher. I have moved my stop down to the 113900 level.
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| 3/09/2010 08:51:17 AM |
I may look to be a seller up here around the 113680 level in the S&P’s with a stop above the 114300 level. |
| 3/09/2010 08:17:44 AM |
The markets are trading a bit lower for the first time in the last week or so. This may be due to some over extension on the upside which is creating a bit of profit taking. I would expect this profit taking to continue as long as the S&P’s stay below the 113700 level and below the 188900 level in the NASDAQ. The S&P’s may see a resumption of the upside direction once that market gets back above the 113900 level. I’d still like to see a retest of the 114700 area in the S&P’s set back in early January. |
| 3/08/2010 12:14:47 PM |
The markets failed to gain any real momentum on the downside in spite of the movement below the 113700 level in the S&P’s. I don’t feel comfortable getting involved in a market that seems to be stalled in a tight range. There may be another test to the downside if the S&P’s can get back down around the 113700 level but if the markets continue to muster up underlying support we could see another week of slow gains and a continued rally. I have a doctor’s appointment in about an hour so this may be my last comment for the day.
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| 3/08/2010 10:12:35 AM |
It’s a bit early in the session for the markets to be stalled in a range. It may suggest a bigger move a bit later in the session but as long as the S&P’s can maintain the 113700 level, I would continue to support a bullish bias in spite of that early selling around the 114000 level.
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| 3/08/2010 09:22:16 AM |
There has been a bit of a setback from the highs but in order for the S&P’s to gain any real downside momentum, that market will need to trade below the 113700 level and below the 188700 level in the NASDAQ.
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| 3/08/2010 08:43:26 AM |
There were some strong buyers on the opening that was able to test my 113050 resistance levels in the S&P’s. I would like to see the S&P’s trade above the 113950 level by at least 150 points in order to see if this rally can gain some momentum. If it fails to do so, I would look to short the market there with a stop above the 114200 level. |
| 3/08/2010 08:12:23 AM |
The equity markets are trading slightly higher this morning as they continue to reflect some of the strength from last week’s session. This strength could continue as long as the S&P’s can maintain the 113300 level and above the 187950 level in the NASDAQ. I am still anticipating a run up to my 118000 objective in the S&P’s but I wouldn’t be surprised to see some major setbacks along the way. The strength in the crude oil futures is helping to attract support to the equities. If that market were to slip back below the 8100 level it could turn the tide and force some profit taking all around the horn. |
