Oil beginning to threaten SIFs

Watch the 1945- 6 level in NQ. If it breaks it, is going red, and taking the whole marktet with it. Institutions may come in and buy though, so don't get giddy if short.

nitro
 
Feels like light institutional buying in NQ.

Other than that, it is slow likely until the rest of the numbers today and tomorrow.

Assuming benign numbers, would not be surprised to see 1400 SPX again.

nitro
 
There is something strange about recent action. The dislocation between SIFs has been very noticable, and one day it is on SIF and another day it is another.

I am going to proceed with caution, even though markets are saying buy. Seems like part of the strength in NQ is rotation out of QM, and that is probably not tenable.

nitro
 
QM coming on very strong support at $110. Imo that is the pivot, and at least from a technical level, you have to buy there.

NQ seeing temporary flows, and imo way overbought. The gains can go away in a blink of an eye if QM reverses. ES is more accurately priced imo.

nitro
 
Bears in SIFs are very shrewed. Look at the volume on the rally in NQ. It is dismal. What bears appear to be doing is noticing the seasonal aspects of a trade (EOM), and then selling into rallies very lightly during these times. This causes big rallies on no volume. As a result, institutions to have to pay up dearly. Then, when the institutional buying subsides, bears get the upper hand, they come in with volume and make the profit.

Going from commodities into tech here is going from the fire into the frying pan, imo.

nitro
 
1410 SPX minor resistance, but resistance nonetheless.

A close above 1420 SPX we shift gears. Expecting massive profit taking by intermediate term longs to come in and take some off the table at 1410 SPX, and of course, there will be lots of profit taking and new shorts at 1420.

nitro
 
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