For Thursday's session, spike rules should be applied. Above 6099.50 we can see 6118.75 the top of the above remaining open single print followed by the daily expected high 6125 and FOMC high 6137.5. Below the spike base, 6090, we can see the two new single prints created on Tuesday 6070.75-6075 and 6060-6068.50. Tuesday's VAL is 6062 with the daily expected low...
Last week saw major liquidation with late longs going into FOMC. Thursday was an inside day followed by weakness in the overnight session going to into PCE Friday morning. Going into this week, I will use Friday's range as a guide. Friday's low during RTH 5898.50 as the halfback of the PCE data release candle, Election Day RTH low and November VAL, including...
We continue OTFU on the weekly and daily. I want to be slightly cautious above here, not because it's bearish, but simply because we're above a 2 sigma deviation (SPX 6073) of the YTD vwap (SPX 5405). In the past, price has whipsawed at this deviation up to the 2.5. While I remain long, I also must have one foot out the door. Last week created a double...