Market Overview

Adjusting the upside target to $ES_F 1465 as we continue to draw a topping pattern #futures #emini #es

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Europe as of 7:18am EDT

  • DAX (Germany) +0.62%
  • FTSE (UK) -0.11%

     

    Economic News

    :

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    How is that for light news? Nothing.  Quadruple Witching Today.  

    Quote of the day:
    I didn't really say everything I said. – Yogi Berra

    Current Breadth Readings: (click here to see all our breadth charts)

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    Breadth in general has cooled enough to fuel another run at the top.  We did lose this trender to neutral and the market is loosing momentum, but so far it appears corrective.  There is still much wind beneath the wings.

    ES SP500 Futures Comments:

    Short: 1465
    Long: 1451

    Oops… Yesterday I moved the box on top down to 1462 but left the text at 1470.  Someone finally asked me during the day if I was calling for 1470 and when. That price seemed high when asked so I went back and found my mistake.  I was calling for 1462 and as far as the time frame, I am looking for that move in one 24 hour period as I move them everyday, or at least evaluate them everyday.   Think of the boxes as moving targets that get more focused as the move comes into play.   I expected this move from yesterday's low of 1444 to exhaust around 1462 twenty four hours ago.  Now I am expecting that to happen at 1465.  I use four point boxes +/-2 for the zone.  I will look for confirming indicators in that 1465 area to start a possible swing short.

    On the long side today I am looking at 1451, that feels a little low but it would make a very pretty right shoulder of an inverse HNS here.  Again, if price gets into that area and volume drops off and there is a strong bid line, that would be a good spot to initiate a long.

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    US Dollar DX Futures Comments:

    I am suspect here as we were expecting a bit more of a bounce out of the greenback, a real test of 80.  We know the range well – 80/79.  A break of 80 puts a possible reversal pattern in place.  A break of 79 keeps the trend alive, and if it happens today, the trend would obviously be gaining momentum.

     

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    TLT Twenty Year Bond ETF Comments:

    So there is much wisdom to learn, and I am just starting to know some bond traders a little bit better. One of them a while back said that Fridays hardly ever change a trend.  That puts TLT on the upside today, we will watch that 122.40 for a hold.  It is triple witching and much unwinding will be forced today.  Where will all that liquidation go?  Watch TLT.

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    Posted-In: Futures Markets

     

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