Market Update: SPY 440 on The Table / FCEL and FB Play Next WeekGood Afternoon Team, The market played out as we called it with a $460 push to only be rejected and create a lower high and lower low. Bulls step to the side for now, as the bears have taken over on a day to day basis. As of now the market was unable to hold the Weekly $456 support which opens the door for a $440 flush next week. Expect a bounce starting Monday before you get the flush as we are a bit oversold on the intraday charts.
Es1
Futures Levels | All About Tech Earnings (NQ, ES, CL, GC)The force is strong with the market adage that strength begets strength. But this week, it will likely be all about the NQ earnings to see if it can catch up to the all-time high prints from the ES (S&P) & YM (Dow Jones). We get 'em all this week - FB, MSFT, GOOG, AMD, AMZN, AAPL.
In other markets, can CL get to the top of our channel around $86? Will Gold finally hold $1800? And does Bitcoin consolidate this week or make another quick crack at the $67K level.
Stay Green & Trade Like You Mean It!
Futures Levels | Head Fake Or Higher? (ES, NQ, ZN, GC)It's nice when a projection comes together. Last week, our outlook suggested that we could see rates breakout, which would likely lead to broader stock index futures weakness. We got it half-right. Rates did breakout, but the rate rise ended up looking more like a head fake, so the selling was contained, with Friday even seeing a strong rebound.
This week there's not much to go on with earnings still a few weeks away. We'll be watching the BTC $50K level, 4400 ES, and if Gold can hold 1750.
Futures Levels | Week Ahead Sept 19 (ES, YM, NQ, RTY, ZN, GC)Yoooo Speculators - let's look at some levels in the futures stock indices following a telegraphed week of selling into last Friday's quad witching.
Overall, the markets have cooperated with our most recent analysis that suggested shorts in the NQ and ZB. Now, I'm gonna go out on a pretty firm limb (you know, since markets never go down), and say that we're probably close to the end of the selling in this cycle.
FOMC policy statement on Wed.
Trade Like You Mean It!
Futures Levels | Week Ahead For The Week of Sept 12Heya Speculators - it's time for another look at the stock index futures levels heading into the trading week.
To start, you may want to check out the chart of the S&P (es1!) on a 4H chart. Do you notice a pattern there? It's quadwitching this Friday and already it looks like the sellers want to keep the option expiration week dips in the playbook. 5/19, 6/19, 7/19, 8/19 HIKE!
Futures Levels | Look Ahead For The Week of Aug 22The VIX popped and dropped last week making the selling again a very short term event. The S&P ES1! is right back on trend after holding the 55EMA on the daily. Gold GC1! is in balance and crude CL1! continues to look like it wants lower prints.
Economic Calendar Week Starting Sun, Aug 22
Monday, August 23
EU Manufacturing & Services PMI 2:15 AM CST
US Manufacturing & Services PMI 8:45 AM CST
Thursday, August 26
Jackson Hole Economic Symposium All Day
US Preliminary GDP 7:30 AM CST
Friday, August 27
US Core PCE Price Index 7:30 AM CST
Futures Levels | Look Ahead For the Week of Aug 8Nothing to see here except for an $80 drop in Gold Futures to start the week! So is the yellow metal flashing red for the markets? For now, the selling in GC1! stopped at the double bottoms from back in March/April, and as of the time of this posting GC is now down only about 1%. V-bottoms, V-bottoms, talk about head fakes, this market's got 'em!
Futures Levels | Looks Ahead For the Week of Aug 1There is a good deal more economic news on tap this week with a jobs report Friday and PMIs mid-week. Earnings continue with 25% of the S&P still left to report. Beyond my favorites futures contracts which include stock indices, interest rates, and metals, I'll be watching the Chinese stocks and what Bitcoin wants to do around $40K.
Futures Levels | Look Ahead For The Week of Jul 25There is a lot on tap this week including earnings from most of big tech (TSLA, AAPL, GOOG, MSFT, AMZN, FB) and a Fed Meeting/Policy Statement Wednesday. The S&P (ES), Nasdaq 100 (NQ) and Dow (YM) all hit all time closing highs on Friday so it's a break out or bust look on several charts.
Let's take a look at the levels for the stock index futures, bonds, gold, and Bitcoin for the week of Jul 25, 2021
Futures Levels | Look Ahead For The Week of Jul 18Stock indices finally broke their uptrends last week, and the small caps (RTYU2021) completely fell apart. In the first of what may become a Sunday evening series, I take a look at what the Volume Profile and price structure may be telling us in terms of levels to watch this week for the ESU2021, NQU2021, RTYU2021, GCQ2021, ZNU2021, ZBU2021, and MBTN2021.
Quick take away is my favorite idea is to fade the strength in notes and bonds looking for rates to bottom in this cycle.