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Home on the Plains

By Jack Ryan Bauer (aka Iceman)

Last week it was home on the range. Earnings news from GE sent the market lower to end out last week, with the longs being saved by positive news from INTC, IBM and JPM (relatively positive) early this week. The bigger picture however is unchanged with the key indices stuck in a longer-term consolidation (the “plains”). The smaller ranges for the SP and NQ are at 1349-1389 and 1824-1894 with the “plains” defined as the areas that have existed since 03.24.08, four days after the Bear Stearns debacle and the last FOMC meeting. These consolidation zones are defined as SP 1309-1389 and NQ 1765-1894 with sellers above SP 1370 and NQ 1860 and buyers below SP 1330 and NQ 1800. Until the market breaks SP 1374 or 1319, NQ 1870 or 1780 on a closing basis, expect the consolidation to continue.

This entry was posted on 04.17.08 at 15:15:03 and is filed under Trading. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “Home on the Plains”

  1. Busted! « e-BrainDump Says:
    04.18.08 at 13:13:08

    [...] e-BrainDump (n) the transfer of a large quantity of information from one person to another « Home on the Plains [...]

  2. Showtime « e-BrainDump Says:
    04.22.08 at 12:12:52

    [...] stepped in overnight and early Tuesday in the indices, pushing both the SP and NQ back inside their extended ranges mentioned last week with the NQ almost filling the real gap at 1870 from last Friday's [...]

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