Initial idea for this week was to have an move lower early in the week followed by a bounce up into Wednesday. I prefer that low be closer to 2462 or even 2453 SPX but it may have been put in early this morning in the futures.
GPB has fallen from what I am calling a ‘B’ wave high in 2014 to a low early this year and been bouncing in a overlapping move to the present. Since the assumption that this drop is a ‘C’ wave, it should have five impulsive components and to my eye can use one more push […]
Yesterday we had an initial attempt to break the uptrend in the morning in the S&P 500 but there was still eagerness to buy the dip. I’m looking for the following tight channel to break soon, and traversal back to the heavy gray box to retest the breakout though I think the next time it […]
The main item today is the ECB press conference which is taking place as I type. The S&P rose as expected yesterday, in fact pushed just past the target area that I was looking for. For today, think it is due for at least some retrace, perhaps 2464.50 to 2459.00 in the S&P 500 e-mini […]
The S&P 500 futures have stayed in the range from yesterday overnight. For the last few hours they have been pulling back from a test of the high from yesterday. That may lead to early weakness in the day session but doubt SPX drops under 2454 and will likely attempt to rally from that zone. […]
The second day of Yellen’s Humphrey-Hawkins testimony takes place today which can be a wild card. For now, the equity market remains focused on Yellen’s dovish comments and is testing the top of the recent trading range. Note: DX resists corrected