Bears keep attacking the Bulls stronghold at the key 1688 level….Unless the Bulls can continue to defend their ground and push price back above 1695 – 1700 zone the next wave of selling has high odds of violation current lows … Continue reading
The “lines in the sand” have now been clearly drawn by opposing forces (bulls/bears) and each side is defending respective lines vehemently. Those lines are 1688.00 Bulls and 1700.00 Bears. Penetration of upper 1700 line calls for a move to … Continue reading
Initial Support Zone: 1688 – 1690 Initial Resistance: 1698 – 1700 Penetration of Prior Day High (PDH) targets 1703.50…1707.50…1709 – 1712 zone Violation pf Prior Day Low (PDL) targets 1684 – 86 zone, then 1678 – 82 zone Average Range … Continue reading
The Fed’s QE Gap is now closed and it’s back to normal trading business. The Govt Debt Ceiling Debate Saga will now be the focus on traders/investors minds. We’ve seen this movie before and the characters are the same…Congress will … Continue reading
Today’s Trade Strategy will be short…Market’s are consolidating recent surprise Fed move to hold QE purchases steady at $85B per month. Current support is prior day low and globex low at 1713.25…Violation of this level calls for lower levels to … Continue reading
The Fed surprised the market’s with announcement of “no taper”, leaving bond buying steady at $85B per month. Markets reacted positively as Major Indexes broke out to new highs. So for now, the “crack-pipe” has been re-lit and everyone can … Continue reading
The FOMC announcement at 2:00 p.m. ET for the September 17-18 FOMC policy meeting is expected to leave policy rates unchanged but focus on whether bond purchases will be cut back sooner or later and how fast. Also, the Fed … Continue reading
Yesterday’s “jumping the creek” price action tested highs at 1703 only to be rejected as price retraced back to 1688 handle which we highlighted live in Trading Room as potential dynamic support. Overnight trade continues to hold the 1688 handle … Continue reading
Equity Markets in have reacted positively to weekend news release that Larry Summers has withdrawn from consideration for next Fed Chief. A price gap in Globex Session is what is known as “Jumping the Creek” leaving a void in price … Continue reading
Quiet overnight trade action in Globex Session…So the key levels that we highlighted in yesterday’s strategy blog remain valid today. Let’s review those…September (U) Contract. Pivot high zone 1688 – 90 is key hurdle for bulls…Penetration of this zone and … Continue reading