I agree with you a (light) sell-off may be needed first before the market can push higher again. Personally, I think a drop to SPX 1115 is likely but not lower. We'll see.
June S&P E-mini Futures: Today's range estimate is 1165 – 1176. I think a move to 1200 is underway.
1161 -1168.75 actual yesterday (7.75 points) 1170.75 (last night's high) 1165-1176 estimate for today (11 points) 1170 currently, so estimate is -5.00 to +6.00 from here (neutral)
I do think we could go higher SC. Probably in the summer months. A sell off to 1115 spx, or as low as the fake print area of 107 spy is really about all I'm expecting.
I think the really big sell off, or P3 that everyone calls it, will come late this year.
Maybe, but I still think we will sell off some first. Could be down to the 107.38-107.82 fake print area, or maybe only the 1115 spx area.
I will agree with you that the summer months will most likely put in a higher high. But before that can happen, they need more fuel… and that's bears. Without and bears to squeeze, which they don't have any left right now, they can't push too much higher.
You can see that they are running out of steam. With the light volume yesterday, they should have closed positive, not negative. They are struggling right now to keep the tape up. That's really why I think a sell off will happen first, before any move higher.
I really think the market will slowly drift higher or trade in a narrow range for the foreseeable future. The Street is trying to lure retail investors back into the market by making “buy and hold” work again. That's why I really think we are in “2004” right now and we have a couple of years of a relatively lull market in a flat-to-higher trend.
Health care selling off. Transports not confirming this latest up move. Financials showing exhaustion gapping (?maybe?).
Carl has posted a blank message.
Perhaps he is speechless.
Leo:
I agree with you a (light) sell-off may be needed first before the market can push higher again. Personally, I think a drop to SPX 1115 is likely but not lower. We'll see.
Carl’s morning call:
June S&P E-mini Futures: Today's range estimate is 1165 – 1176. I think a move to 1200 is underway.
1161 -1168.75 actual yesterday (7.75 points)
1170.75 (last night's high)
1165-1176 estimate for today (11 points)
1170 currently, so estimate is -5.00 to +6.00 from here (neutral)
I do think we could go higher SC. Probably in the summer months. A sell off to 1115 spx, or as low as the fake print area of 107 spy is really about all I'm expecting.
I think the really big sell off, or P3 that everyone calls it, will come late this year.
Yeah, the bears are wiped out right now. It's up to the bulls to start selling first. Maybe you're right, and good news is the answer?
Maybe, but I still think we will sell off some first. Could be down to the 107.38-107.82 fake print area, or maybe only the 1115 spx area.
I will agree with you that the summer months will most likely put in a higher high. But before that can happen, they need more fuel… and that's bears. Without and bears to squeeze, which they don't have any left right now, they can't push too much higher.
You can see that they are running out of steam. With the light volume yesterday, they should have closed positive, not negative. They are struggling right now to keep the tape up. That's really why I think a sell off will happen first, before any move higher.
Leo:
I really think the market will slowly drift higher or trade in a narrow range for the foreseeable future. The Street is trying to lure retail investors back into the market by making “buy and hold” work again. That's why I really think we are in “2004” right now and we have a couple of years of a relatively lull market in a flat-to-higher trend.
How you doing?
Not so good.
What happened?
I was trading from a 2007 chart.
Really?
Yeah. It went down in 2007, so I shorted it.
You shorted it now, because it went down in 2007?
Yeah.
Did it go down?
Well, yes. It went down. In 2007.
I mean now. Did it go down?
No, not really. Kind of went up.
Weird.
Yeah. Weird.
What is really strange is that AH futures have been so quiet lately.