wealistic wednesday, page-81

Radge,

You do have a good point about the close, and on the prior occasions that the index tried at the 1036.5 resistance level it got knocked down pretty hard each time. Not so last night.

The first occasion was Monday 24 August - it got to about 1036 early and then sold off to close about 1025.5.

The second go was the next day and in the first 1/2 hour it went to 1037.75 and straight back to 1028, then about midday got a bit over 1036 (I counted those 2 as 1 attempt), and closed at 1028.

The third go was the Friday of that week which was the high at the open when it spiked up and then sold off again to close about 1029.

Then we had the most recent pull back.

Now, last night, there was no spike up to that level. It kind of just cruised up there, nice and orderly, had a small sell off, and then recovered to close only 3 points off the high for the day.

That would suggest / confirm to me that most of supply at this level has already been offloaded.

I still wouldn't short here until something more conrete shows up. Too high risky, too low probability. But then I don't need insurance as have no long positions.