Don't get emotional in this tape, it's the most headline-driven tape we've ever witnessed. Patience is key here…observing in the dugout is important…let the market and hence the trades come to you, do not chase. Live to trade another day.
The daily chart of the S&P 500 emini futures show that we are coming into the 200 sma (red line) now. The chart of the S&P 500 itself looks vey much the same of course, besides that is is lacking today's candle so far…market isn't open yet as of this writing.
The index has now managed to power through just about every last resistance line, besides teh 200 sma…but that is classic bear market rally stuff, very emotional and no-one (besides quick traders) makes money in bear markets.
On the daily chart of the S&P 500 we see the wide trading range indicated yesterday: 1200-1300. A near-term pullback may again get bought into later November. December is a toss up at this stage…we could rally, we could fall hard, we could chop sideways. We will evaluate more as we get closer.
Our key barometer, the eur/usd is right near 1.40
Treasuries are at major support.
Today we want to look for sell-signals intraday. That doesn't mean we get one, but we will be looking for the
