1040 held, again!

Another day another trip down to the 1040 area.

And then the courtesy bounce.

This is getting a bit too often for my liking. It’s either a sideways consolidation before next move down or a sideways consolidation testing the will of sellers, leading to a bottom that would last us days if not weeks.

I can’t help but think that bears are scared of getting crushed by market masters deploying billions to the bid side of equity futures like July 2009 or February 2010. On the other hand, buyers with big money are busy in the bond market (and PM market), and the rest do not want to risk their own money in a market that has been living and breathing on quantitative easing and nothing more.

This shall not go on forever. Right now, technicals are decidedly negative but bears have been unable to break the level everybody’s watching. On the other hand, market has been trying to set a short term uptrend but bulls have not been able to get traction.

It is, IMO, very dangerous to be biased in situations like this. Let us let gurus and permas prophesize the future of the market from here to eternity. All I care is to be able to latch on the next swing when it comes up or down.

Let’s look at some charts


Weekly chart still look negative. A move above 1070 is needed to perhaps stabilize the technicals back to neutral. A move above 1090 is needed to take the index above MAs and perhaps start a turn in the weekly posture.

This is a daily


Not a whole lot to say that I have not already said. Lots of resistance all the way from 1070 to 1090 to 1100. Bulls need a good push to take 1070 and hold it, and that would be just a first step in the right direction.

Notice that the much touted 200 MA is turning over into a negative slope – just an observation.

Daily volume expanded. Daily breadth was positive

S&P’s McClellan Oscillator looks like it is trying to work a bottom


The setup for a run is there. Will bulls use it or will they remain content with limp bounces off 1040?

The same way, index faces a lot of resistance on the way up, breadth needs a lot of work to improve and correct the damages


This is a 60-min chart


Seems like index is in a short term box, or range. Some of the long-time reader may remember that we have had very good success with box (range) projections, especially with NDX. Anyways, I have calculated box projections and they are on the chart. Needless to say that it's all theoretical.

An upside breakout of the range should exceed the gap of August 24 and hold it

OEW pivot support is at 1041 and 1032. Pivot resistance at 1058 and 1090.

Long term trend is up. Mid-term trend is up (seriously threatened and in need of rescue). Short term trend is kind of sideways.

Have a Nice Evening!

S&P 500 - August 31, 2010 - Intraday 3

This looks like a game of Chicken Little :-D

Seems like another retest of the retest of the retest of ..... test of 1040 nonsense

This is getting hilariously simple -- just buy close to 1040 and sell a few points higher, and repeat.

And I know that when I think market is easy, I am about to step into some really foul doo-doo.

We said index needed to get above 1058 to look better, and it fell 3 points or so shy (like yesterday).

I am not in mood to play the 1040 bounce any more. I had very good success with it. Now, show me the money, Mr. bull, if you've got any :-D

S&P 500 - August 31, 2010 - Intraday 2

Forgot to mention that intraday breadth out of the 1040 retest of the morning is good. But that matters little since it could have been courtesy rebound of super computer.

Breadth has to stay positive for the bounce to have a chance, and, as mentioned, index need to get above 1058 as a first step

S&P 500 - August 31, 2010 - Intraday

Another retest of the retest of the ...... test of 1040.


This is getting a bit too often now, but, anyhow, index bounced sharply. Perhaps automated programs just buy that level come hell, come crap -- for now, anyways.

Test it too often in too short a while, and it may finally give way.

1040 is the obvious support -- too obvious perhaps, but it has so far given nice trades.


And, as things stand now, S&P has to get above 1058 to perhaps gain some upside traction.

Bulls need a lot to do to correct the damage, a whort covering rally and move above 1058 is just a first step.

Have a Nice Morning!

S&P 500 - August 30, 2010

Not a good start for the week!


An ugly candle that is, at this moment, below the purple line that I said would divide a neutral from a negative posture. The week is not finished and bulls may find some money in their piggy banks, or get some urgently needed liquidity shot up their arms, or wherever, and start bidding the tape like drunken sailors. Money’s what it takes to stabilize, and, perhaps, correct this ugly picture.

This is a daily


Index had an attempt at a rally early on but ran out of steam and dropped and closed at low of the day. Not a pretty picture as MAs are fanning wide and price is below a host of technical levels of resistance.

It is oversold. We know that oversold means not much in weak markets. Yet, we still have a mid-term uptrend, it is close to be reversed, but still in place. We have also had some retest of the retest of the retest of …… the test of 1040. And, maybe, just maybe, the inside bar of today, which comes after the outside bar of Friday, can get some buyers on the tape.

I have laid a preliminary set of lines on the daily chart just in case we get some buyers on the tape


If we get a bounce, or rally, I expect the blue lines to guide me through it, at least, for the first stages of the bounce.

Yet, as I have said a number of times, the broader path of least resistance is down. On a larger and longer scale I should either be cash or short (somewhat hedges). Any play I do on the long side shall start small and be scoped to an initial target of the 1070-1090 area.

Intraday NYSE breadth was dismal all day and stayed dismal.


S&P’s McClellan Oscillator pulled back and is still downtrending.


Once again, we have a situation where the oscillator may be trying to set a bottom for a bounce. That possibility is further strengthened by a high ARMS number


Once again the setup is there for a decent bounce (rally? Bottom?). There is a potential Inv H&S with very symmetrical shoulders that is quite obvious on the daily frame. But, as we know, you can take the bull to the fallen matador, but you can’t force it to kill.

This is 60-min chart


The gap that opened on August 24 has so far proved to be too much to handle for the bulls. They need to get above the gap and hold it.

In an intraday post today, as I sensed weakness, I said that index had to get above 1058-1060 to perhaps gain upside footing. That level is still the same as I see it but it was a 3-4-point distance then and it is a 10-12-point run now.

This is a 5-min frame I used for intraday posts today


Bulls failed inside the gap.

I think the meager bounce has a corrective structure. That does not mean that it cannot turn and run higher – just that it doesn’t feel like a free flowing bullish run – not yet, anyways

OEW pivot support is at 1041 and 1032. Pivot resistance at 1058 and 1090.

Long term trend is up. Mid-term trend is up (seriously threatened). Short term trend may have turned up (as long as index stays above 1040 and pending a higher high)

Have a Nice Evening!

S&P 500 - August 30, 2010 - Intraday 3

Not bad, eh?

We saw the weak hand of the bulls in time :-D

I said that S&P needed a move above 1058-1060 to maybe gain some upside, and it failed at that -- so far, anyways.

Day trading can be fun when one nails it.

Now, index is down to 1052 or so, and I am still thinking that as long as the widely watched 1040 area holds, it may be seen as a tradable low for long gambles.

Since the longer term frames look sick (maybe broken), if I wanted to roll the dice on the long side, I might do so at small measures, preferably using options targeting 1070-1090 range.

That said, I need to remember


1. 60-min, daily, weekly look bad

2. Bulls seem penniless, and in need of constant handout, or divine intervention, or some such drastic exogenous event

3. S&P needs a move above 1058-1060 to perhaps gain some upside footing.


So, as things stand now, broader path of least resistance is down, broader pattern of breadth is negative, and any long position is just a roll of the dice at GNC (Grand NYSE Casino)

Have a Nice Afternoon!

S&P 500 - August 30, 2010 - Intraday 2

Not looking good

S&P has to move above 1058-1060 to perhaps regain its upside footing.

Longer term, S&P needs to get above 1070, and that is just a first step to take the index into a multitude of resistance levels that exist in 1070-1090-1100 range

Intraday breadth was poor, and has stayed poor.




Have a Nice Day!

S&P 500 - August 30, 2010 - Intraday

It's been a weak morning but S&P is hanging in there.

Intraday breadth has been poor, and index has been having trouble to rise to the top of the gap around 1070. Bulls need to take the gap and exceed it. They will then need to hold it.

Bears have been inconsequential so far. Despite bad breadth, they seem to have been unable to break the index.

So, all in all, a morning of consolidation while broader technicals of longer frames are negative.

A move below 1055 may put the bears back in charge at least for the short term

This is what I see on a 5-min frame.

S&P 500 - August 27, 2010

What Happened to Hindenburg?

I went across a number of sites from mildly bearish to all-out perma bearish and no mention of Hindenburg.

Can something as ominous as a blowup cease to be ruminated just because of a so-far-successful retest of a retest of a test of 1040. Is it just human nature to imagine the worst at the depths and desire the best at the heights?

There is no clear answer I guess.

Can someone tell me what conditions do nullify the Hindenburg thing? I can find plenty of words talking conditions of first sign and second sign and …. But I can’t find anything saying when the air becomes clear from the Hindenburg’s Cockpit view.

Oh, well!

As I was looking around for any new mention of the omen, I came across a very interesting post by at ZeroHedge


You can read it here

http://www.zerohedge.com/article/aggressive-push-ramp-stocks-higher-audjpy-provides-convergence-arb

They made the post at 10:11 am and what a great call they had on 10-15 ES point rise from then

Interesting that stuff like that coincide with oversold conditions and day after day of bad econo-stuff, and a couple of mention of Hindenburg omen and 1st confirmation and 2nd confirmation and so on

Great post and inter-market insight from the folks at ZeroHedge .

------------------------------------------------------------------

This is a weekly chart


Notice how the weekly candle is sitting on the purple line. Also notice that for three weeks now, the purple line has been a resting place for the index. Not a bad actionary line, is it?

I have said that I view index’s posture as neutral on the weekly frame as long as it stays between purple line and the blue line. So, neutral still, a negative tilt, perilously close to breakdown, but neutral still.

Bulls would want to get the index above the MAs (above 1095), and that would be a good first step for them.

This is a daily


It took 4 hits (tests) of the 1041 pivot range to finally get the index a decent bounce and some pressure on the shorts. Notice how MACD stopped on its uptrend.

Yesterday, I said:

“If the low holds, that would, IMO, give a rather solid floor for tradable position on the long side, as cut-off risk becomes very well defined and easily hedgable on any advance -- something for me to ponder”

And that’s what we seemed to have today – a nice trade (if one wanted to hit and run), or a probable position (if one wanted to hang in and see what Monday brings).

There seems to be a lot of technical resistance starting in the 1070 area and going all the way to 1100. For now, the widely watched 1040 held. Next thing to do for the bulls is to squeeze enough juice out of shorts to get the index above 1070.

As I mentioned during the week, as long as the low holds, there is a good chance for the index to get into 1070-1090 range. If bulls can do that, then we’ll see how much the technicals improve.

Daily volume expanded and came about average. Daily breadth was excellent


McClellan Group of oscillators turned up


We’ll keep an eye on McClellan’s to see how they behave if the bounce continues.

This is a 60-min chart


During the past few days I kept posting levels that might suggest a change in short term trend. The last was when I said

“Index needs a move above 1060 to perhaps suggest a change in short term trend.”

So, now we have that and we’ll see what bulls can do with it.

Index is inside a gap and bulls need to exceed it and then hold it, ideally around the top of it, on any possible setback in the coming hours.

There is room for a bit more squeezing before index reaches the lower part of what looks like strong technical resistance around 1070.

On a separate note, all bears had to do was break 1040, and they could not, not this time, anyways

OEW pivot support is at 1058 and 1041. Pivot resistance at 1090 and 1107.

And what did Bernanke say today? My take of the whole drab, insipid spiel of the chief money printer of the land is that he is hell-bent on doing anything he can for prices not to fall – but we already knew this, did we not?

Here’s what I read

“First, the FOMC will strongly resist deviations from price stability in the downward direction.”

There, that’s all I care to know and point out from his blah-blah today.

Some think he’ll fail. Some think he’ll succeed. I really don’t care what others think. He may fail in one time frame and succeed in another. I just want to know what Bernanke wants to do. Market will decide on his success or failure in one time frame or another, and, hopefully, I’ll follow the market and end up OK through this mess.

Long term trend is up. Mid-term trend is up. Short term trend may have turned up.

Have a Nice Weekend!

S&P 500 - August 27, 2010 - Intraday 2

I had a very busy morning, mostly away from the market.


This is so far a good day for the bulls.


You remember I kept saying in multiple posts that Iif I were a bull, I would fantasize more and more shorts into GDP number today? Well, we had an added bonus also and that was Benanke doing some blah-blah whatever.


Not bad, eh? We expected and market kind did not disappoint.


Now what?

Surely bulls can claim a retest of the retest of the test of 1040. Let's see how tight a squeeze they can juice out of shorts

Do we have a bottom?

I just have to see how it evolves.

While I do that, these are some levels of S/R that I have, they may or may coincide with my OEW pivots that I have on majority of SPX charts that I post


1122-1129

1109-1114

1093 (I think this is a very important resistance)

1074-1076

1059-1062

1033

1015

996

This is what I see on a 5-min frame



Bulls should really fill and exceed this gap.

We have yet another gorgeous day. Sky so blue with fluffy clouds like you see on Simpsons -- Beautiful!



I have already made my plays and off I go for my weekend!

have a Wonderful Friday!

S&P 500 - August 27, 2010 - Intraday

The long play I mentioned in the intraday posts of yesterday is working nicely. When one buys an option for 90 cents and it goes to 1.30, it’s 40+ %

There is resistance around here 1059-1062

And then there is 1070 if buyers can squeeze the tape higher in here

1040, obviously, is support for the day

S&P 500 - August 26, 2010

One kind of suspects how weak (penniless? - uninterested?) bulls are when what seems like a simple intraday setback causes a rapid deterioration of intraday breadth and the tick.

Yesterday’s bounce off the lows ran quickly into trouble today. Just past noon, I posted a 5-min chart of spy and said:

“Index is in a middle of a gap. Bulls should really fill and exceed it if they don't want to be perceived as weak. “

And

“They look weak”

And that proved to be the setup for a good short. Later on, I posted again and said that I was pondering a play on the long side provided 1040 low would hold.

I said:

“I doubt it 1040 fails today, but who care what I think or doubt?

If the low holds, that would, IMO, give a rather solid floor for tradable position on the long side, as cut-off risk becomes very well defined and easily hedgable on any advance -- something for me to ponder”

Why not? I just had made a good short, and could roll a bit of what I’d made into a gamble on the long side.

Well, 1045 was the low of the day, index did a 5-6 point bounce and market close.

Now, bulls have a situation where they can claim a retest of another test of multiple tests of 1040, as comical as it may sound, and declare a bottom. Why do they need so many test?

They can then parade bubble-visions and sing the praises of a still-intact recovery and maybe they finally get a squeeze.

Tomorrow’s GDP, and Bernanke, and, who knows? Maybe they finally get real squeeze party.

This is the 5-min chart at the close


The whole thing looks like a bunch of ABCs to me. It may drop a bit more and turn up. It may also rush down and morph the down side structure into a 1-2-i-…

So, yesterday’s low is important, I guess, and that’s what everybody’s watching.

Weekly chart looks really bad


Tomorrow’s the end of the week and a final chance for the bulls to redeem the index for the week and, at least, keep it in a more neutral posture.

Daily chart looks equally dismal


We have a third hit on the dashed purple parallel. It may be the retest. If I were a bull, I would not want too many hits on support. I would ideally want a hard bounce to squeeze some juice out of shorts.

Breadth started positive but deteriorated into close


As I have said, it takes more than just a bounce off support to improve broader breadth conditions like we see in the chart below


After just one day of somewhat positive activity, ARMS hit another high number


I get a sense that there are longs who just sell when they get a chance. If I am right, and if index does not do a massive squeeze bonanza, we may get in a situation when a real high number on ARMS may be needed to wash out enough sellers for some sort of a lasting bottom.

This is a 60-min chart


Notice RSI couldn’t make it deep into overbought but had no problem getting oversold.

Index needs a move above 1060 to perhaps suggest a change in short term trend.

Not much else to say. It seems like the world is awaiting life-defining events like some spiel by Bernanke and the GDP number. So, we sign off, and, however absurd, await those events.

OEW pivot support at 1041 and 1032. Pivot resistance at 1058 and 1090.

Long term trend is up. Mid-term trend is up. Short term trend is down.

Have a Nice Evening!

S&P 500 - August 26, 2010 - Intraday 3

So far, so good, eh?

This is a 5-min SPY



As per previous post, as long as the low of yesterday holds, I may speculate the long side with some options targeting 1070-1090. The risk is well-defined, the levels of exit and entry are determined. The target is scoped. In short, there is plan. The rest is up to the market.

S&P 500 - August 26, 2010 - Intraday 2

Not bad timing with the last post, eh?

Sometimes we get them right, and sometimes we nail them right ;-)

And, of course, sometimes, we miss them.

This afternoon drop makes me a bit more confident that the advance since yesterday low is of a corrective nature.

A corrective wave structure can advance as well, right?

1040 range is being tested as we are in the upper half of our OEW pivot of 1041.

As I said yesterday, if I wanted to play a long gamble, I would try to target 1070-1090 range -- perhaps using options and a month or more out.

I doubt it 1040 fails today, but who care what I think or doubt?

If the low holds, that would, IMO, give a rather solid floor for tradable position on the long side, as cut-off risk becomes very well defined and easily hedgable on any advance -- something for me to ponder

S&P 500 - August 26, 2010 - Intraday

So far, market is not doing anything extraordinary.

Intraday breadth has been neutral to positive.

This is what I see on a 5-min SPY



I still think the rise from the low of yesterday looks corrective, but it can go up, or easily morph into a more impulsive structure.

Index is in a middle of a gap. Bulls should really fill and exceed it if they don't want to be perceived as weak. What are they waiting for? They should know they have a chance at god shorting bonanza. They look weak, or maybe they are penniless and in need of handout from Bernanke?

Who knows?

S&P needs a rise move above 1065 to perhaps suggest a change in short term downtrend.

All other levels I have listed before are still in play.

S&P 500 - August 25, 2010

1040 to rescue!

We’d thought index might do one more push down for a wave 5 and then a bounce. We’d also thought that day after day of selling had left the market internally sold out. There is no magic in that, just simple observation of simple facts

Yesterday, index tested the upper range of the OEW 1041 pivot and stopped the carnage. Today, index dipped a bit further into the pivot range and bounced.

So, the Hindenburg has not blown up yet – Not Yet :-D

Let’s look at some charts

This is a weekly chart


Hanging to support, below MAs, threatening to turn the posture negative, and weak. It takes more than a bounce off support to turn the weekly frame up. Change, of course, happens at the margin. So, let’s look at a daily chart


Technicals look weak and broken. But technicals always look bad around a bottom. As long as 1040 area holds, one may entertain the notion of at least a tradable bottom, but one needs to be aware that, technically, the path of least resistance looks to be down at this point. Furthermore, there is plethora of technical resistance above, especially in the 1070-1090 area. If I wanted to wager a low risk bet on the long side, I might consider targeting that area, perhaps using a strategy that would involve options

Bulls have a good spot here. They can shout retest of support and stuff like that, perhaps get some econo-heads with some positive spins on the media, do a bit of overnight future market buying and get the screws tighter and tighter on shorts.

Daily breadth was neutral.

Not much has changed in the broader breadth measure. It takes more than a day of a bounced to repair the damage on the following charts




Bulls need a lot of work to do if they want to take the market back

This is a 60-min chart

There are 4 open gaps. The closest one is directly above 1060 level. Bulls need to fill and exceed the gap. If they manage that, they may get quite a few shorts into a nice squeeze.

In any case, I want to see if they can establish a series of higher lows and highs. And if they can do that, I want to see whether price behaves impulsively or not.

If index starts to falter, then I may start thinking about lifting hedges and perhaps more shorts.

A loss of 1040 area may really inflict a serious blow to the bulls and bring about the reversal of the current mid-term uptrend.

OEW pivot support at 1041 and 1032. Pivot resistance at 1058 and 1090.

Long term trend is up. Mid-term trend is up. Short term trend is down.

Have a Nice Evening!

S&P 500 - August 25, 2010 - Intraday 2

In the last post, I said that looking corrective did not mean that index could not turn around and move higher.

Index did just that :-D



The start of the bounce still looks like an ABC to me, but it may pass a 1-2-i

So, we'll see how far the bulls (short squeezers?) can push before a set back.

Today was the 4th time this year that 1040 area halted the decline -- strategy of targeting 104 on SPY with puts or spreads might have paid handsomely ;-)

Intraday breadth started poorly but improved and is now neutral to positive.

I will try to do a more detailed post later this evening.

S&P 500 - August 25, 2010 - Intraday

With the whole world watching the obvious 1040 area and some calling it the Maginot Line, we had a bounce off that level.

We all know, or can easily check and learn, that the Maginot Line was circumvented by the Nazis as they invaded Belgium first and then marched into France through Ardennes.

What does it have to do with the market? Nothing -- just a historical tidbit.

As for S&P, this is what I see on a 5-min frame



The rise off the Maginot Line level of 1040 does not look very impulsive right now. It may change, or even if it is corrective, it can still turn and go higher, but the point is one would ideally expect a momentous, impulsive move out of a lasting bottom, and, so far, this does not look like that.

A filling and exceeding of a gap or two might be a display of some buying power (or squeezing power) from the bulls.

At this moment, S&P needs a rise above 1067 to perhaps indicate a change in short term trend.

S&P 500 - August 25, 2010 - Intraday

Index gapped down. This is the 5th unfilled gap on the way down

Right now, a move above 1070 is needed to perhaps indicate a change in short term trend. That would be above the gap that opened on the way down on August 24.

Yet more oversold and more divergences and more of the poor breadth we have been seeing for days.

It may be very dangerous to start a short position to hold around here. It's one of those situations where a new position either way can fall into immediate despair.

But, for existing shorts, it should be rather easy to continue thinking about reduction/exit/hedge/insure criteria as per one's risk tolerance.

Trade Safely!

S&P 500 - August 25, 2010 - BMO

Last post I said

“The decline from August 23 looks like a 3-wave affair. Maybe we get another push for another low or retest to complete 5-waves and then we see a bounce?”

Well, a push down is happening in the future market.


Actually, as I was typing, it intensified – probably some econo-news at 08:30, I don’t care enough to even check.


I also said that what I had said was

“the best I can do for the bulls. Other than that, 60-min technicals look dismal – poorly aligned MAs, price in the lower half of a down-sloping channel, price making lower lows and highs.”

So, it is a weak tape and responds negatively to econo-news, and that’s that – until it changes.

As things stood last night, a move above 1075 would be needed to even suggest a change in short term trend. Depending on how the day opens, that level may come down.

One day, one of these econo-news selloffs may turn into a trap that closes on the last short prior to a good squeeze.

But when? It may be today, it may be Friday, it may be next week, or????

Just saying what may happen at some point in some vague future is not deterministic where positions and trades are concerned.

We are now in a situation that it would be criminal to lose money on any existing short positions. All I would have to do is position management.

I may do as I have done via multiple levels of exit.

et Maintenant, Petit Déjeuner :-)

S&P 500 - August 24, 2010

Not a fun day for the bulls!

This a weekly chart


Not a very pretty candle, is it?

As things are now (it may change by the end of the week), weekly candle is threatening to drop into what I consider as negative posture for the index.

We have a clear higher high in place and index is below my MAs. If index does not start a climb soon, my MAs may get negatively aligned as well.

I decided to start the preliminary work of a new line study for the decline from April’s high.

This is what I have


Again, things may change, and I may modify or scrap the new line study (pinkish) – we’ll see how it goes

This is a daily chart


I had already started the preliminary line study of the above as a channel on my daily frame. Here, I adjusted it a bit and changed the color on the daily to pink to be in line with the weekly chart.

OK, enough playing with lines.

Index sort of tested the upper range of our 1041 OEW pivot which is in the neighborhood of lows made in February, May, and June. Notice that the low of the day was made on a purple parallel actionary line (I have marked it with a red arrow). Despite having done line studies for what seems like an eternity, I still get amazed sometimes at how well they perform.

Index is below all my MAs and the MA alignment is getting worse every day. There just doesn’t seem to be any saving grace on the daily chart. There is not much else to say really, the chart looks like a disaster, There must be a lot of trapped buyers at higher levels and all I can do is try and see what level of support may provide a potential resting place.

Daily volume expanded. Daily breadth was poor


S&P’s McClellan group of oscillators deteriorated further


Some other measures of breadth that I follow look very poor


Barring a sudden, all-out deployment of massive amount of money to the bid of the tape, the above chart indicates further downside for the index.

That said, index is oversold. It has been oversold for days now. ARMS registered yet another high number.


It’s like being sold out and yet no buyers – no meaningful bounce. It’s a very dangerous situation in the sense that further inability to mount a bounce or rally to relieve the oversold condition may fetch us sharp, rapid bouts of selling.

I think index needs some sort of catalyst like news or announcement or intervention to startle the shorts into a rush to cover.

This is 60-min chart


We have 4 unfilled gaps on the way down (blue rectangles). RSI seems like it might be setting a 2nd set of divergences. The decline from August 23 looks like a 3-wave affair. Maybe we get another push for another low or retest to complete 5-waves and then we see a bounce? Well, that’s the best I can do for the bulls. Other than that, 60-min technicals look dismal – poorly aligned MAs, price in the lower half of a down-sloping channel, price making lower lows and highs.

Repeating what I said yesterday, this Friday is GDP. If I were a perma bull, I might fantasize about some all-mighty bear trapper (or market rigger) to get them all in on the short side into that number -- for a squeeze

OEW pivot support at 1041 and 1032. Pivot resistance at 1058 and 1090.

Here are some levels of interest

1058-1062 (Weekly VWAP and OEW pivot)

1041 (OEW pivot)

1033 (Weekly VWAP and OEW pivot)

1015-1018 (Daily VWAP and OEW pivot)

996 (Weekly VWAP)

Long term trend is up. Mid-term trend is up (yes, still up, but looking weak). Short term trend is down (a move above 1075 may change that)

Have a Nice Day!