Amazing how bullish the ES Futures where yesterday and now they are all just as bearish. Only the SPX Cash is holding back a very large drop. It wants to go up from oversold conditions but the futures are really pushing down hard right now.
Market looks weak this morning. They might have used up all their bull juice last night after hours? Still could go up but not a strong as I seen in the charts yesterday. Better to watch for now.
LOL… “so far” is the keyword there. I don’t see it holding more then 1 or 2 days tops. It depends on how fast and how far it goes up. I still think we’ll rollover again later this week.
From looking at the charts we could chop around with an upward bias toward 2100 SPX area for 2-3 days. The FOMC is this Wednesday which should give the market “wait and see” mode until it’s past. That means we should see our high on Thursday or Friday.
I’m not comfortable going long here as it looks choppy and I don’t want to get scared out but there’s a falling trendline that should put us in the 2090-2100 area by the end of this week. There’s the 20EMA on the Daily SPX at 2092 and the 50EMA at 2096 to also add more resistance with the various trendlines and finally a gap fill from 6/26 at 2100.49… so I see plenty of reasons for the market to stall out in that zone later this week.
Until then I see no safe short as we are too oversold on the short term charts now. The short was missed as it happened when the market was closed over the weekend with the Greece vote. This is common as we all know too well that they don’t want us sheep to be able to profit from any move down. So they make you gamble on taking a 3 day long weekend short not knowing what the vote outcome was going to be (of course they knew the outcome).
Amazing how bullish the ES Futures where yesterday and now they are all just as bearish. Only the SPX Cash is holding back a very large drop. It wants to go up from oversold conditions but the futures are really pushing down hard right now.
Market looks weak this morning. They might have used up all their bull juice last night after hours? Still could go up but not a strong as I seen in the charts yesterday. Better to watch for now.
Commercial Traders “High % of the time” point to what going to happen weeks out, that being said they point to be Flat.
http://www.cftc.gov/MarketReports/CommitmentsOfTraders/Index.htm
For next few days, it looks like an upward move, but not a big run as Charts, signals & time point to that.
Here is what I use to see S/R during that time:
http://www.stockta.com/cgi-bin/analysis.pl?symb=SPY&cobrand=&mode=stock
Meaning? Explain your thinking on it as to what the market should do tomorrow… like rally (I’m assuming).
Did you see the “Re-vised weekly CFTC report” they sent out this afternoon?
Funny they give a rare Re-vise on a day/weekend like this.
What a turn from last Thursday report….Commercial Traders are NOW flat on the Short to Long positions!
The big boys are just knocking out some of the bears, before they —–
LOL… “so far” is the keyword there. I don’t see it holding more then 1 or 2 days tops. It depends on how fast and how far it goes up. I still think we’ll rollover again later this week.
Futures sure look to prove your charts “suggest” to be correct!
I could be totally wrong on this as we know how manipulated the market is… but the short term charts “suggest” a big up day tomorrow (Tuesday).
From looking at the charts we could chop around with an upward bias toward 2100 SPX area for 2-3 days. The FOMC is this Wednesday which should give the market “wait and see” mode until it’s past. That means we should see our high on Thursday or Friday.
I’m not comfortable going long here as it looks choppy and I don’t want to get scared out but there’s a falling trendline that should put us in the 2090-2100 area by the end of this week. There’s the 20EMA on the Daily SPX at 2092 and the 50EMA at 2096 to also add more resistance with the various trendlines and finally a gap fill from 6/26 at 2100.49… so I see plenty of reasons for the market to stall out in that zone later this week.
Until then I see no safe short as we are too oversold on the short term charts now. The short was missed as it happened when the market was closed over the weekend with the Greece vote. This is common as we all know too well that they don’t want us sheep to be able to profit from any move down. So they make you gamble on taking a 3 day long weekend short not knowing what the vote outcome was going to be (of course they knew the outcome).