Market looks really negative

[palenimbus]

Volume and price action suggest very bearish trade. I'm bearish on the S&Ps right about here. (Profit taking as cnbc will call it)

sp500 is currently 1092

 

[piezoe]

there is no point in trading the ES today unless the market becomes more favorable to trading later on, possibly after 2 pm or the close may offer up something. Nothing tradable right now, as of 11:20 am, for retail traders

 

[sosueme]

Quote from palenimbus:

Volume and price action suggest very bearish trade. I'm bearish on the S&Ps right about here. (Profit taking as cnbc will call it)

sp500 is currently 1092

Why do you say that in a highly manipulated market.
Oct 12 the S&P had risen for 5 straight days on 5 days of falling volume and before that it happened on sept 11 and july 17.
On these occasions the S&P continued to rise.

 

[[Proximo]]

Let it digest [yesterday's move] here.

The more it consolidates the bigger the move.

I think 1010-1015 are good downside targets. Not pulling the trigger yet, I'd like to see this rotate back up to start building.

 

[MohdSalleh]

YAWNNNN. back at 2, let the bots kill each other

 

[Hansel H]

Quote from palenimbus:

Volume and price action suggest very bearish trade. I'm bearish on the S&Ps right about here. (Profit taking as cnbc will call it)

sp500 is currently 1092

Bought SPY Dec 107 puts this A.M. Think it's a good bet but will dump them if we're strong after 14:00. USD may be dropping too fast; this could destroy credibility of bonds and would result in a 2nd wave of recession. The market's been rising on the USD decline; USD decline is good but only if it's orderly and showing signs of stabilizing in the near future. The 20's endorsement of continued stimulus signals that stimulus to date hasn't been as effective as initially hoped and there's an outside possibility stimulus strategy won't work at all. Also, consumer confidence in some key economies is not reassuring. Low volumes are more likely bearish than bullish. Possible H&S forming on the S&P but it's too early to bet on that. That's my take. I'd say puts are a 55/45 bet here short term. Just IMO.

 

[S2007S]

Seems if it doesn't trade higher it trades flat, no such word as down or sell off on wallstreet.

 

[piezoe]

Quote from MohdSalleh:

YAWNNNN. back at 2, let the bots kill each other

Agreed!

 

[Kassz007]

Quote from S2007S:

Seems if it doesn't trade higher it trades flat, no such word as down or sell off on wallstreet.

So you must have crawled out from under your rock sometime in April I'm assuming?