Yesterday’s weakness has follow-through in the Globex Session pushing price down into “deep extreme” territory outlined in prior trade strategy scenario 2: “Extreme downside projections measure 1956.50 – 1954.50, with deep extreme at 1952.75.” Based upon a violation of Cycle … Continue reading
The FOMC is expected to maintain the pace of the taper at $10bln per month, dropping asset purchases to $25bln per month, on track for a QE exit in October. There is no new summary of economic projection, a.k.a. “dot … Continue reading
The current 3-Day Cycle is playing out perfectly…Let’s review: Cycle Day 1 (Friday), we wrote in DTS cautioning for a deeper downside move, with 1960.50 as anticipated low (actual low 1960.75)…Cycle Day 2 (Monday) continued weakness pushed price down to … Continue reading
In Friday’s DTS we cautioned to be on alert for deeper pullbacks developing as it was the start of new Cycle which is typically weak. Scenario 2 laid odds of decline at 85% with projected price targets ranging from 1973.50 … Continue reading
S&P e-mini continued to consolidate recent gains holding new high territory, albeit on below average volume in addition to declining net cumulative delta readings…Not a strong combination for being at new contract highs…The story continues to unfold…Stay Tuned! Yesterday was … Continue reading
“The EverReady Market Bunny”…”It keeps going and going and going and going…” Positive earnings releases from high-profile companies continue to keep the “buying drumbeat” sounding as S&P 500 Index notched yet another All-Time High, albeit marginally. About 77 percent of … Continue reading
Yesterday’s trade action conformed nicely to our Scenario 1 playbook…Early strength and conversion above 1970 lead to an upward move to top of multi-day range near 1978. Although price probed the upper edge of range, it failed to convert on … Continue reading
The main focus this week is Corporate Earnings…Some of the biggest Tech and Industrial Companies are slated to report quarterly earnings….As such, markets should remain relatively contained within recent trading ranges, though headline risk is always a wildcard which could … Continue reading
Reviewing price action in S&P e-mini futures (ES) for the past ten (10) trading sessions reveals a well-defined trading range with 1945 lower edge and 1978 upper edge. We have opined that a Change of Character (COC) was developing…Uptrending action … Continue reading
Yesterday’s auction began in globex on a very weak note, only to trade back to prior resistance (1976) and fail to go any higher…That failure emboldened the bears to press…Later on, reports that a passenger airliner had be shot down … Continue reading