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So the Dow actually as good as it was today crossed above that key psychological 121000 mark today -- -- -- 121103.
But one analyst says.
There's a much more important.
Number -- need to watch that could determine the direction of the entire market Jeff Weiss is the chief technical analyst at -- securities group there was some build up its locally out of my -- and got plenty got plenty of airlift.
By the way we're only about eight points -- from 1250 and yes -- We're gonna tell you well Islam and you wanna go to the truck in Maria has.
The -- said turnout of the current S&P chart.
That -- -- what a resistance line.
I just under 12100 by the -- The whole numbers are usually psychological as might -- Newton's -- -- told me many years ago India fight and and poll numbers are basically psychological they don't have a whole lot.
Well look at what we'll tell me what -- we're looking at the -- one of the bottom twelve point four now that's just about okay it's okay I'll take well this is kind of like the chart -- but not the exact once a Libyan provide effective there's a very key trend line.
Drew one from the tops of the exit get a daily closing basis it's hitting now just above the 1250 mark -- Ceiling as we failed air initially.
How we pullback but as long as we don't closed.
To back days below 1210.
I think -- Markey is improving.
Slightly so I basically -- the clients on a scale of one to ten it's kind of like I think -- 66 and a half it's better than people are giving it credit for and if you look at the long term S&P chart.
We'll see some major trend lines between eleven this is the -- you're talking about that was the -- and yes this is the area.
Right around 1250 you'll notice I draw the line from the second high not.
-- -- which I fight tells me a lot in terms of avoiding as much as one can in these volatile markets being whipsawed I doubt this -- this is the one.
On new home if you take a -- not passionate about like it there Jeff Jeff loves this not -- -- the light up next at the very.
If you take a look at those two red circles.
What the one on the left -- -- in the the November relate well the -- don't nine is the mega.
Markets hello girl killed.
Pocket I guess if you were long yet so -- -- Arctic not.
And if we take a look you'll -- did both the golden lines connect were connect three point what I want to show always write to the right.
All of the red circle is the number -- around 1160.
Both of those lines intersected at 1160 I don't think it's any coincidence that that was a weekly closing low.
And we can't afford in my opinion the -- 1160 get on a weekly close if the bulls are gonna maintain some intermediate term advantage Jeff everybody -- to focus on the Dow and the S&P but we have noticed David -- every single time -- wide swings the Russell is either hurt more than expected or a big gets to benefit.
On a bigger rally -- -- the Russell 2000.
That it expects to in many cases that I have a chart of the Russell 2000.
If you wanna put up Russell 2000 -- 2000.
And just keeping Robert about it what is well the Russell 2000 is a key because if you wanna see this -- brought -- out I think the Russell leads back to back closes in the mid 760s.
And if you take a look at the chart that may or may not be -- -- on -- we have a situation but I notice that the mid 750s.
Is where the Russell collapsed from on the -- down when it closed above that on a weekly basis we went up over a hundred points and we closed below it we went down over -- You love technicals we have one that we can't avoid which is called a hard break we got to leave it at that Jeff -- great -- I don't come back but I don't know.
Please come back coming up next the clock is.
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