S&P Index has been down four (4) consecutive sessions giving up approximately -3%, which can be classified as “normal” pullback. Past pullbacks of this magnitude have resulted in a “relief rally” of about 1%, so conditions are in place for … Continue reading
Selling has picked up momentum past few trading sessions and S&P is now below its 50 dma notching approximately -3% decline…So until price can recapture that average, hold and turn positive…any rally attempt is anticipated to be sold into by … Continue reading
Ten (10) days…-3%…and 50 handles lower since our call on 08.02.13 “Top Turn Date” with a near perfect Head and Shoulders topping formation now solidly confirmed. With options expiring today, price action may have a mind of its own…so our … Continue reading
Price action has been rangebound recently…We have stated in recent posts that this would continue until the balance of supply/demand shifts. Yesterday’s continued selling was first real evidence that this shift was gaining some momentum. Also, keep in mind that … Continue reading
It’s option expiry this week…In order to cause the most “pain” to both Call and Put owners would be to keep price locked within a relatively narrow range forcing decay in time premium. The upper and lower price boundaries that … Continue reading
In Monday’s Strategy we highlighted that the Globex low 1675.25 was a “critical marker” for potential support and that if held, then bulls could could price back to 1690 marker. “Globex low 1675.25 becomes a critical marker for potential support…IF … Continue reading
Last week we highlighted that 08.02.13 marked a short-term Gann Cycle Top. Price has not been able to penetrate that high (1705.00). Since then price has continued to attract more sellers on any rally attempt from the bull camp. Today … Continue reading
There continues to be “persistent resistance” at the 1693 – 96 zone. Failure to penetrate this zone keeps the short-term downtrend in place. The 3D CPZ continues to notch lower levels which confirms recent weakness. Strategy is to sell rallies … Continue reading
Yesterday’s Trade Strategy was spot on looking for early weakness with potential support coming in at 1681.00. Here’s excerpt: “Prior Day Low (PDL) 1688.75..So look for this zone to offer some initial support. IF price fails to find support, THEN … Continue reading
This past Friday (8.2.13) marked a key Gann Square-of-Nine (SQ9) “Turn Date” completing a full 360 degree short-term cycle. Whether this date marks a more significant turning point only time will tell…For now, Friday’s high does mark a short-term tradable … Continue reading