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Esfutures

A change in characterSPY, after a cha-cha-cha move following FOMC statement, closed down -0.5%. The market is showing a change in character as shown by violent two way trades in the past few days. VIX is creeping up, currently in high 20's Following through on the nascent decline ES futures remained red on overnight trade, currently down 45 handles. FED says rates will remain near zero for forseeble future and -6.5% GDP cut for 2020. Projecting 5% growth in 2021. RSI coming off overbought reading and now below 70%. Put call ratio also coming off extreme exhuberance levels. Waiting for divergent signal to develop in the indiucator on the chart..
AMEX:SPY
by insyyte
New highs coming?Yesterday tech heavy NDX closed at all time high while SPY closed up a healthy 1.21%. Bullish tone persists in the markets. ES futures are weak in the morning today, down -28 handles. Will that spill into day time trading remains to be seen. RSI is above 70, an overbought condition, but can become more overbought if the bulls keep snorting. Put/Call ratios are hitting levels that has previously birthed bearish tone to the markets. Still watching for divergence in the indicator to trigger market weakness.
AMEX:SPYLong
by insyyte
Buy the rumor, sell the fact perhapsSPY close down yesterday -0.26% snapping a 4 day winning streak. The Nasdaq-100 index briefly touched a record high before rolling over to close more than 0.7% lower. Labor Department’s latest jobs report is scheduled for Friday at 8:30 a.m. ET. Expected unemployment 20%. ES futures are again higher 30 handles (+0.97%) as of now, as bouyant Wall Street/ distressed Main street roots dig in deeper. Waiting for the buy the rumor sell the fact narrative to start emerging if the past few days liquidation breaks start to take hold earnestly.
AMEX:SPYLong
by insyyte
No fearSPY closed up 1.33% up yesterday, as bulls are handling all negative news about very weak economy, corona, unemployement topping 40 millions. ES futures futures are trading about -18 handles and have been under pressure in overnight trading. The latest weekly initial jobless claims count totaled 1.877 million, against an expectation of 1.800 million. But that's been offset with ECB announcing bonds purchases providing a base for the markets. So it's all about the Central banks and the assets they are purchasing keeping a lid on any market weakness.
AMEX:SPYLong
by insyyte
Bid underneath from fresh stimulusGermany is set to approve a new fiscal stimulus package worth an estimated 80 billion euros. Makes for ES futures drifting up 0.45% and a solid bid underneath the markets as of now. Yesterday SPY closed up 0,40% and the grind higher continues. WTI crude is higher by about 2% as of now, which augers well for the small caps. U.S. CONGRESSIONAL BUDGET OFFICE SAYS ECONOMY COULD TAKE 10 YEARS TO CATCH UP AFTER CORONAVIRUS reports CNBC. But FED trillions and stimulus from other countries have a put a bid underneath the markets which appears to have distorted the Wall Street/Main Street symboises.
AMEX:SPYLong
by insyyte
Frustrating the bullsAs expected yesterday the morning session had a positive tone, which gave way to strong selling late afternoon. $SPY close down 1.03%. However, bulls are unfazed and $ES futures are pointing to about 1.2% higher open. Bulls are smelling victory seeing the resistance level so close but have been frustrated the last two days. $ES futures inventory is almost 100% long in the ON session. A strong liquidation break to the downside is a strong possibility in the morning session.
AMEX:SPY
by insyyte
$SPY : Close but no cigarMost $SPY gains were made yesterday before the day session began. During day trading, $SPY gains were limited and traders took profit at the close. We have seen this movie before. $ES futures are down 0.42% as of now. European car sales fell 76% from a year earlier in April. Powell and Mnuchin will testify before the Senate banking commitee today so a positive tone in the early going can be expected. The range in chart persists. A test of rising 20DMA and then a rebound will be bullish. Expecting a strong directional move when the price moves out of the range convincingly.
AMEX:SPY
by insyyte
$SPY : TA liquidation break$SPY got liquidated yesterday late afternoon and lost -1.99% to settle at 286.67. If the weakness is real then a follow through day should occur. $ES futures have been drifting higher all night and are up 0.6% (17 handles) as of now. The equity put/call ratio is hovering aroung 0.5, which calls for caution. Today investors await Federal Reserve Chairman Powell’s comments re the outlook for monetary policy. Words suggesting more stimulus plans can propel $SPY higher, but now it has to overcome 288-290 band which was support till yesterday and has the potential to become resistance now. $SPY is below 5 and 10 day SMA's, but higher than 20 DMA, suggesting a short term market hiccup. Signals are mixed so my stance is neutral.
AMEX:SPY
by insyyte
1
$SPY : Grinding up$SPY barely closed positive by 0.02% yesterday. Tech heavy Nasdaq was again strong as the index is well stacked with companaies that have increasing revenue stream from digitization in the coronavirus economy. $ES futures are up 12 handles as of now and are pointing to a higher open for $SPY. It is likely that the 292.93 at 61,6% retrace will be tested and perhaps taken out today. Volatility is getting lower which also supports higher prices. $SPY support is 288-290 and resistance at 293, then 297 and 300. A strong move is imminent as the prices getting squeezed tight. Going with the flow whichever way it breaks.
AMEX:SPYLong
by insyyte
$SPY : Waiting for a catalyst$SPY was perking up yeserday morning but finshed down -0.68% as afternoon sellers overwhelmed. $ES futures are again higher by 38 handles as of now. However, the pattern has been higher in the morning and sell-off in the afternoon for the past 5 out of 7 days. Economic conditions are dismal. FED has injected massive liquidity and fresh addition of liquidity can be the catalyst to propel $SPY higher. Broader range is 280-293 while narrower range is 284-288. Going with the break when it happens.
AMEX:SPY
by insyyte
1
$SPY : Absence of FED bazooka$SPY support is at 280 and resistance at 293. $SPY is struggling to get past 61.8% level of the sell-off but has not yet triggered a sell signal. Talk of progress in treatment or vaccine for Covid or a supportive tweet can jolt the market from is current lower drift. $SPY needs a bazooka from the FED to keep moving higher. But absent that stimulus #SPY is adrift. If that was not enough US is threatening further tariffs on China. All this contributes to a sour mood at the open in about 45 mins. $ES futures are down about 2.1% as of this writing.
AMEX:SPY
by insyyte
$SPY : Searching for direction$SPY jumped yesterday above the gap resistance with healthy gains in the other markets especially the small caps ($IWM) again putting up a stellar gain of 4.92%. $WTI oil is somewhat stabilizing which is supporting the beaten down energy names and banks who loan to this industry. Looking for $SPY to digest its gains at this level. $ES futures are down -18 handles after horrendous European data. On the other hand tech heavy Nasdaq $NQ futures is up about 12 handles on the heel of perceived good earning from the likes of $FB, $TSLA, $MSFT, etc.
AMEX:SPYLong
by insyyte