SPX May Setup Tomorrow
Nov 12th, 2007 by Tony Oz
Tomorrow, I will look for this level to be tested, and if there is capitulation we will look for intraday reversal patterns, and maybe go long. We need a selloff to start the day with. The retail sales numbers tomorrow at 8:30 may influence the futures, if they sell off hard, then we may get what we want. If they rally on the news then it will be difficult to find stuff at the open.
RSI:
NDX is at 25
Dow is at 29
SPX is at 30
So if we move lower tomorrow, RSI may be hitting 20’s and a relief rally may take place.