9/2/2010 premarket | Bulls on Wall Street

9/2/2010 premarket

 
 
 
Morning folks.  Market looking at a slight gap up to flat opening.  This is pretty normal after such a big run yesterday and with data coming out traders will wait and digest yesterdays move before making any large directional bets.  We had some decent data on the retailers and jobless claims (less bad not really good).
 
We do hve teh montly jobs report tomorrow and today at 10am we have pending home sales and factory orders out.  Mostly everybody will be waching the 20 and 50dma on SPX which we are at (check rynos blog last ngiht).  If we can close above taht in the next couple days score a victory for the good guys
 
 
 
Key levels to watch SPX 1080-1083 we break that and its a huge sign.
 
SPX 1061 (10 day moving average and also price support) if we break that then back to SPX 1040 we go
 
 
 
 
 
 
 

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