I don't know Monica, but the chart Sundancer posted clearly shows a new high being put in before the drop. If we reach 1185-1190 today, then I'd expect the sell off to start Monday.
But, if we don't reach a new high, then I'd expect it to happen on bullish Monday as usual. I'd love to see it put in today and fool everyone on Monday by selling off.
Somethings fishy though, as those numbers tomorrow are likely to cause a large reaction in the market. Which way is the question? Will it be one more pop on Monday, or a sell off?
Think tomorrow's numbers will be positive and they don't matter anyway. When the market wants to sell off it will but I believe that will happen Monday.
Not that you should listen to me, but I would put in my shorts at the end of today. Look at Sundancer's chart – the big pop usually signals the end of the consolidation phase and it looks like that big pop is today. I would put a stop loss in just under 1200.
Thank you Sundancer. I knew today was going to be painful. I like your chart and hopefully today signals the end of the consolidation phase. AAPL at new highs.
June S&P E-mini Futures: Today's range estimate is 1165 – 1176. The market is still stuck in a 20 point trading range but I think a strong move upward will begin soon. The ES should reach 1200 in April on its way to 1225 or so.
1161.25 -1170.50 actual yesterday (9.25 points) 1173.25 high last night 1165-1176 estimate for today (11 points) 1172 currently, so estimate is -7 to +4 from here (bearish)
Sundancer, didn't you mention a few days back about a fake SPY print of 118.17?
I agree – I'd wait until 1191-1193 area. That is also a head and shoulders patter (Right Shoulder) that dates back to the highs in 2000.
I don't know Monica, but the chart Sundancer posted clearly shows a new high being put in before the drop. If we reach 1185-1190 today, then I'd expect the sell off to start Monday.
But, if we don't reach a new high, then I'd expect it to happen on bullish Monday as usual. I'd love to see it put in today and fool everyone on Monday by selling off.
Somethings fishy though, as those numbers tomorrow are likely to cause a large reaction in the market. Which way is the question? Will it be one more pop on Monday, or a sell off?
Think tomorrow's numbers will be positive and they don't matter anyway. When the market wants to sell off it will but I believe that will happen Monday.
Not that you should listen to me, but I would put in my shorts at the end of today. Look at Sundancer's chart – the big pop usually signals the end of the consolidation phase and it looks like that big pop is today. I would put a stop loss in just under 1200.
Looks like we might get that new high today? If so, then maybe tomorrow's numbers are going to be the reason for a sell off?
Thank you Sundancer. I knew today was going to be painful. I like your chart and hopefully today signals the end of the consolidation phase. AAPL at new highs.
I'm thinking I might accumulate TZA again today.
Earl, May be able to play fade in TZA for quick scalp.
Carl’s morning call:
June S&P E-mini Futures: Today's range estimate is 1165 – 1176. The market is still stuck in a 20 point trading range but I think a strong move upward will begin soon. The ES should reach 1200 in April on its way to 1225 or so.
1161.25 -1170.50 actual yesterday (9.25 points)
1173.25 high last night
1165-1176 estimate for today (11 points)
1172 currently, so estimate is -7 to +4 from here (bearish)