10/27/2010 premarket | Bulls on Wall Street

10/27/2010 premarket

 
 
Morning folks. Futures gapping down nicely amid doubts about QE things (expect these rumors) and there is some strenght in the dollar.  Both gold and oil are down nearly 1% on the dollar strength.  
 
 
We have 3 economic reports and tons of earnigns releases. The only significant data point being released will be New home sales at 10am. ( i believe the consensus is 299-300k)
 
Well we have a interesting setup today as almost every gap down as been met with buying pressure except one notable one that i can remember off top of my head. Typically we have found support at the SPX on these days at the 10dma. The question is without a pomo day can the market pull an opening gap reversal
 
 
If we can gap down and stablize not necessarily finish green. I think that gives us the gas to finish the week strong. So lets watch this half hour closely.
 
 
As for levels to keep on the radar, remember to keep those 10/20 day moving averages at S&P 1,179 and S&P 1,166 front and center as support and the S&P 1,196 level as first resistance which for a hot tot second was prMonday’s intraday highs.

 

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