Look at the charts above Monica. In order to get to 1140, the market must cross that downward sloping trendline in yellow. That's not likely to happen, as sloping trendlines (up or down) seem to be even more resistance then horizontal trendlines.
The market would have to gap over the trendline to race up higher to the 1140 level. With less then 10 minutes until the open, I don't see a gap up happening. The level to look to go short at again, is around 1130 or so.
A slightly lower open, a slight move up to positive territory and then KABOOM! But this is sort of what played out yesterday so it probably won't happen again! If we get near 1140, I short more.
June S&P E-mini Futures: Contrary to my expectation Monday's low at 1113 was broken by 8 points in Asian trading last night. My range estimate for today is 1100-25. I still think that last week's low at 1056 ended the correction from 1216. Strength above 1120 would be very bullish.
1104.75- 1118.25 range last night (13.50 points) 1100-1125 estimate for today (25 points)
1114 currently, so estimate is -14 to +11 from here (neutral)
If our new bottom is dragged out a bit, maybe with a probing of very low resistance (Sundancer's projection) occurring next week, perhaps the 20 may cross the 40 and cause everyone to speculate that we are in a bear market.
This would be a perfect time for a rally that would make your ears bleed, prompted of course by concern over the dollar and rising interest rates.
Should be an interesting day today! Figures that I have a ton of real work to do.
I think you are ahead of the game. I count myself among the red pill ones and still I regarded Iceland and the spill to be the usual short lived disasters. Now I wonder what they want from these soon to be mega pains.
It makes more sense because MSM attacks a business that is going down anyway. For instance in recessions they start attacking hospitality etc.
Sounds good too me… I'll take it.
Look at the charts above Monica. In order to get to 1140, the market must cross that downward sloping trendline in yellow. That's not likely to happen, as sloping trendlines (up or down) seem to be even more resistance then horizontal trendlines.
The market would have to gap over the trendline to race up higher to the 1140 level. With less then 10 minutes until the open, I don't see a gap up happening. The level to look to go short at again, is around 1130 or so.
Good morning, Red–
I think that today is the day we've been waiting for. Day 1 of 2 actually, so I will stick beyond the close even though it will hurt.
My guess for today is a low of 1050-1065, where we will close. Tomorrow will be a low of 1008-1020, closing about where we do today.
A slightly lower open, a slight move up to positive territory and then KABOOM! But this is sort of what played out yesterday so it probably won't happen again! If we get near 1140, I short more.
Good Morning Gang…
What's everyone thinking for today? Rally, Crash, or a whole lot of nothing…
Carl’s morning call:
June S&P E-mini Futures: Contrary to my expectation Monday's low at 1113 was broken by 8 points in Asian trading last night. My range estimate for today is 1100-25. I still think that last week's low at 1056 ended the correction from 1216. Strength above 1120 would be very bullish.
1104.75- 1118.25 range last night (13.50 points)
1100-1125 estimate for today (25 points)
1114 currently, so estimate is -14 to +11 from here (neutral)
FTSE plunged to equivalent of very low 1100s this morning and is having a bounce. We ought to meet about where SPX closed yesterday.
I suspect that this will be a very brief consolidation point for us, rather than the beginning of a rally.
If our new bottom is dragged out a bit, maybe with a probing of very low resistance (Sundancer's projection) occurring next week, perhaps the 20 may cross the 40 and cause everyone to speculate that we are in a bear market.
This would be a perfect time for a rally that would make your ears bleed, prompted of course by concern over the dollar and rising interest rates.
Should be an interesting day today! Figures that I have a ton of real work to do.
Nice site RDL.
I think you are ahead of the game. I count myself among the red pill ones and still I regarded Iceland and the spill to be the usual short lived disasters. Now I wonder what they want from these soon to be mega pains.
It makes more sense because MSM attacks a business that is going down anyway. For instance in recessions they start attacking hospitality etc.
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