08/28/2009 Pre-Market Briefing

Could be opened above the yesterday’s range but the gap is relatively small, so no idea if it will be filled today or not. If not filled today then this will be the 10th gap on the SPY chart. I know some gaps take years to fill but I simply couldn’t believe that these 10 gaps all need years to get filled as I don’t remember in the past that SPY had these so many gaps.

9:32am, I think there’s a chance that this gap won’t be filled today. General rule of thumb, if the gap not filled and after 10:30am there’s new intraday high then today could be a strong up trend day.

9:54am, bad news for bears. COMPQ and SOX negative divergence is gone.

10:34am, ChiOsc too low, SPY could rebound from here.