Marketbeat for August 26th - 2008

Market #'s @ Close:
Dow +26.62 / To 11,412
S&P500: +4.70 / To 1,271.51
Nasdaq: -3.76 / To 2,361.97
Russel 2000: +1.53/ TO 723.51
Vix: -0.45/ To 20.52
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S&P TSX: +10.11 / To 13,299.07

Internals :

Nyse Breath - 4.33:3 (1.4:1)
Nyse Trin - 1
NQ Breath - 825/600 (1.3:1)
NQ Trin - 1.6

Can we all say choppage? Well the market can, as it spent the majority of the day between pivot points. Even with FOMC minutes coming out at 2pm the Market had a quick jerk but nothing solid, rallying into the close. With the use of pivot points (See Pivot Points on Shadowtrade.net here) one could map the ups and downs of the intraday market and see how it likes to peg those levels (See chart of S&P (ES FUTURES) here). This of course becomes useful in many different aspects to trading. First and most obvious if your trading of Futures, knowing the lines in the sand can be a key tool. Secondly knowing what lines need to be crossed or broken can be transferred into your trades within the Indices. For instance if you are mapping the NASDAQ futures and know your pivot points, and have or are planning a trade on RIMM or AAPL, those lines aka pivot points can be useful in finding entry and exit points.

Below is a chart mapping the Dow, Es S&P e-Mini futures and internals...

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Whats left for us today is really catch up on some homework, go over your watch lists, and wait for the market to show you its hand. Can it muster up the strength to fill in the gap Mondays trading left, or will it test old lows before any hope of that thought comes around, Our job as active traders is to play what we see, when we see it, abiding to our Trading Rules and Trading Strategies.

Internals : NYSE Breath - 4.33:3, NASDAQ breath - 825/600, $TRIN: 1, $Vix: -0.45 (20.52),

Stocks on the radar: WYNN (Still forming that H&S pattern - watch for break of neckline [90]) / BNI / ACI

Stocks with earnings tomorrow (Wednesday): ENER, VIP

I'll keep this post updated as the night progresses...

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