Well I guess the euphoria over Apple earnings is over, gee that was quick. As long as we trade above yesterdays opening range and Value Area low of 1200.25 I will be hunting for longs. If Paper buyers enter off and near the open, the locals being short will try to muscle the market lower. How good of a job they do will tell the nature of the market, at least for the morning session.
I have support at 98.75- 97.00 beyond that, 94.50- 92.75. The 92.75 is my 8 day moving average of the daily Value Area average. Its my line in the sand that says above it long positions pay the best, below it short positions pay the best. Above we have the Globex high, that could be a good candidate for a 1 tick at 09.50, above that 11.00-12.00 should slow this irrational exuberance.
Tim Mack
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