Market Map for May14Posted: May 14th, 2009
Author: Mike Korell
Filed under: One-Day Market Map Comments to ChartsEdge»
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Thanks again, Mike and ChartsEdge!
Folks - isn't it interesting that we got to that 33 max pain area for the QQQQ's yesterday, and very close to the 87 for SPY? While revisiting the 881/884 area in the S&P 500? We knew this level was important on the way up, and it looks important again on the way down.
When I reviewed my monthly SPX chart yesterday, I noticed that another area looks important, around 838. Once again, that's a level that was important for the market as it leaped from the March lows, so it will be interesting to see whether it plays a role in any pullback.
Tony Caldaro described a potential alternative Objective Elliott Wave count in his Wednesday update that I quoted and discussed here last night. As readers here know, I've also got a view based on Fibonacci retracements that other indices such as the banking index, the Nasdaq 100, Dow Industrials and Dow Transports already reacted at significant levels against which I'm choosing to be skeptical (read: in sell or defense mode) with my backs at those recent highs of last week.
So let's remain aware that the market is at a point where analysts have plenty of work with it and tread carefully, no matter which mode or time frame you're in and trading (or investing). Careful out there, and happy market navigating!
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