S&P 500 potential support level…
the 50day simple moving average (yellow line) will be a good level to watch for possible support. the 1165 to 1175 area also coincides with the 38.2% Fibonacci retracement. Note how the 50 sma is flattening here…it might hold as support better if flat.
it’s a boring day…here’s a close-up look
a boring day so far stuck in a trading range but tech is leading aind as such diverging from the broader market. the trading channel of the past seven days is apparent on the hourly chart below. the chart is of the emini S&P 500 futures but that of the S&P 500 looks the same. […]
keeping the VIX and USD front and center
as pointed out yesterday the VIX ist at a huge level…of support. if it can hold the 30 area equities should come under some pressure very near term. if and when it starts to slip lower again we would take a hint looking at some long-side exposure in equities. the dollar is better bid again […]
early morning trade ideas…?
the tape is overbought here in the immediate term and we don't want to do anything on the long-side in any bucket. we are comfortable with a little short exposure in SPY but more than that to the short side is risky in our opinion. we continue to watch for a higher low to develop […]
Morning Thoughts October 13
Courtesy of the short sellers the rally that started on October 4th continued another day yesterday as they got squeezed a little more and were forced to close their positions. The seven day rally tally on a daily closing basis now comes to 10% on the S&P 500, nearly 16% for the Russell 2000 and […]
Copper vs. S&P 500
copper finally filled that gap to the S&P 500. question now is whether teh SPX will fall or copper's drop is overdone. we tend to think the former is the play.
Interesting Chart Pattern In Ten Year U.S. Treasuries
support at the 50 day moving average, and horizontal support below. The up-trending channel is a dangerous pattern here….if and when it falls out of this range the downside is big.
Near-Term Resistance Level Approaching In Silver
the $33 area should serve as some sort of near term resistance. stochstics and RSI are just now coming out of oversold levels and could indicate silver will bounce much harder.
Eurostoxx 50 Chart…level to watch
look for early clues in this chart. note the resistance area above…that woudl be the maximum level we see for this oversold bounce to get to before turning again.
Keep the bear flag on the SPX in mind today…
a drop out of the bear flag today looks likely. the question is whether it can close out of it. precarious level here