Gold / Silver / SP500 bearish bias strengthens but no USDX bullish reversal
yet, due to Greece I presume.
yet, due to Greece I presume.
SPX/ES Market Outlook
- Thread starter EliteThink
- Start date
Got an email from ET stating there was a new post on this thread, unfortunately that person is on ignore so i can't see it. Have a great Friday.
Agreed, interesting that the trans are diverging. If the index is truly leading, and it continues to roll over, there may be a breather now that Dow 13,000 has once again been breached. Call options are not responding aggressively to today's move suggesting enthusiasm coming out of the market. However, nearly across the board markets are at multi year highs, and the reality is the safe bet is to the upside within the channel.
Good trading.
Good trading.
I think the transports are lagging because the price of crude has jumped up to rediculous levels. I see the market steadily marching up for a while but the price of crude at 106 will make it a slow march. However if crude would drop then the move up could accelerate. Looks like the Iran oil situation is the latest news to be watching now that Greece is settled for a while.
ET: Don't worry about your email, it was just the forum troll, the cycler, spamming your thread with his usual wrong advice. Everyday for the last year his predictions never happen but he keeps repeating it on every new day while making excuses for his miss. He is wrong today as well.
ET: Don't worry about your email, it was just the forum troll, the cycler, spamming your thread with his usual wrong advice. Everyday for the last year his predictions never happen but he keeps repeating it on every new day while making excuses for his miss. He is wrong today as well.
I agree ammo. Now that Greece has been partially used to move markets higher the news recently is not quite as rosy.
DJ30 is flirting with 13,000 again and leading the markets higher. DJ20 appears to have rolled over, moving under the 50dma, and approaching support of 5070. The NDX has made 3 highs close to 2600, and i would expect a minimum of 3 tests of the recent highs before a pullback occurs. The metals have popped to the upside, along with many other commodities. The SPX channel is starting to erode. And with some stocks missing their earnings some of the sentiment is changing. However, if all sectors were able to lead on the same day, the spx high of 1370 and change will be breached. spx 1340 is decent support. If 1340 breaks, a pull back will be official. With the vix under 18, and options decaying quickly, spx range of 1350-1370 for the short term may be likely.
DJ30 is flirting with 13,000 again and leading the markets higher. DJ20 appears to have rolled over, moving under the 50dma, and approaching support of 5070. The NDX has made 3 highs close to 2600, and i would expect a minimum of 3 tests of the recent highs before a pullback occurs. The metals have popped to the upside, along with many other commodities. The SPX channel is starting to erode. And with some stocks missing their earnings some of the sentiment is changing. However, if all sectors were able to lead on the same day, the spx high of 1370 and change will be breached. spx 1340 is decent support. If 1340 breaks, a pull back will be official. With the vix under 18, and options decaying quickly, spx range of 1350-1370 for the short term may be likely.
Yesterday's steep ascent from the day's low is further evidence of the dips being aggressively bought. ATR5 levels have cratered, coinciding with the collapsing vix. The spread between 10 xâs the spy and spx is now close to 3 points. This divergence could mean those who are late to the party are trying to get long the broad market in disproportionate demand. CL continues its move forward, with the metals taking a breather thus far today. DJ30 made its second move over 13,000 today. A third move over the mere round number could likely have some follow through. New highs for the year are also occurring in tech, perhaps in honor of Steve Jobâs birthday. The transports, after a 5% decline from the highs, are seeing a bounce. The line in the sand for a broad move higher appears to be a breach of ES 1369.5, which coincides with the 2011 spx high, assuming a 2 point spread between ES and SPX. If these levels are breached, 1400 would be the next major target.
A picture is worth a thousand words. . .
Once again buyers jump in at a mild sign of weakness. Although this market could move higher, the reality is, this is a great place to get short, as the longs of deep pockets take their needed time to liquidate at these levels. The challenge is, so many managers are underperforming the broad market, they are entering whenever possible. However, volume is still light so it doesn't take much of a change in the direction of the float and to move price around. The spx weekly chart is looking like it is rolling over at this point, but it can do so, and hit new highs for the year. Rut is holding fairly steady, and tech continues to move forward led by AAPL reeling in the all time high, but with the trans on board, the dj30 will continue to breach 13,000, and then some. Today may likely be the close over 13,000 the media has been looking for. With an ATR5 of 10 points on the SPX, today's move of 16 points in 3.5 hours is fairly impressive. Crude is starting to move up again, approaching session highs. If it continues, I would think the trans would struggle this week, causing more sideways action in other markets. This week may be a pause in general, waiting for the next jobs report on Friday. Enjoy leap year week.