I’m expecting this sell off to turn around and go back up later today/tomorrow
and continue the rally up to the FP. The highest we got so far today is 134.25
and the FP is for 135.71 (about 1357 spx),
Well, it’s not looking good for the bulls today. But the volume is still light and we’re really not down that much. In fact we should be down 20+ points if the volume was up more and they weren’t holding this up. I getting the feeling that the low for the week will be put in today.
Hmmm… looking at the charts now it appears that the futures got too overbought on the 4h, 2h, and 60 minute charts. This means that the SPX cash and the ES Futures aren’t in agreement and pointing in the same direction. When one is wanting to go down (the ES) and the other wanting to go up (the SPX) we usually have a day with wild swings in both directions and not really going anywhere.
So, I’d stay on the sidelines until this resolves itself and they both align up in the same direction. My thoughts are now that it will be Tuesday before the charts point together again. I suspect that they will point up, but it’s entirely possible that the could point down as well. This is why you don’t want to take any position until both the futures and the cash are in agreement.
I’m expecting this sell off to turn around and go back up later today/tomorrow
and continue the rally up to the FP. The highest we got so far today is 134.25
and the FP is for 135.71 (about 1357 spx),
Bank Holiday in Italy…
http://the2012scenario.com/2012/06/more-on-closure-of-bni-italy/
You couldn’t have been more right about this one.
I was waiting for that SPY FP. It didn’t get there.
Well, it’s not looking good for the bulls today. But the volume is still light and we’re really not down that much. In fact we should be down 20+ points if the volume was up more and they weren’t holding this up. I getting the feeling that the low for the week will be put in today.
Hmmm… looking at the charts now it appears that the futures got too overbought on the 4h, 2h, and 60 minute charts. This means that the SPX cash and the ES Futures aren’t in agreement and pointing in the same direction. When one is wanting to go down (the ES) and the other wanting to go up (the SPX) we usually have a day with wild swings in both directions and not really going anywhere.
So, I’d stay on the sidelines until this resolves itself and they both align up in the same direction. My thoughts are now that it will be Tuesday before the charts point together again. I suspect that they will point up, but it’s entirely possible that the could point down as well. This is why you don’t want to take any position until both the futures and the cash are in agreement.
Thanks Alex… and good to see you here. I had forgot about the 28th being a Bradley Turn date… thanks for reminding me.
Nice update Red. 7/28 is also a Bradley Turn date. (Alex)
Is there supposed to be a link there?
Zimbabwe currecy for all (Spain/euro)