SPY gained 1.54% yesterday. Now in a bullish trend. Support zone 306-310 ES futures as showing weakness, down -21.75 handles as of now. Some bearish news taking hold today per Briefing.com Australia is going back to a six-week stay-at-home lockdown mode China is allegedly not fulfilling all parts of the Phase One trade deal Organization for Economic and...
Last Fri early morning gap up faded sharply by day's end but still SPY managed a 0.55% gain. Another Monday and bulls are pushing ES futures higher by 40 handles as of now. World markets are also substantially higher than the close on Fri with China H-shares up 5.67%. SPY is forming another squeeze and looking ready for a move higher this month. Squeeze...
SPY closed up 0.7% yesterday. Markets were again led by tech heavy Nasdaq. A close above SPY 313.40 will start the next bull leg. If SPY closes below 30y then the index can visit the lower support line in the down channel. ES futures are up 23 handles as of now suggesting SPY opens about 0.7% higher than yesterday's close. Jobs report on deck at 0830 hrs....
SPY tacked on a respectable 1.28% at close yesterday as cherry on the best quarterly gain in decades. In doing so it bumped up against the declining channel upper resistance line. Usually first two days prior to July 4th have a bullish tone. At present, however, ES futures are trading lower 18.5 handles. Taking out the decline channel resistance line will...
SPY closed up +1.5% on Monday. Closing up on Monday has been a trend since 4/20. For bears to stamp their imprint SPY needs to close below 300 for at least two days. Though SPY remains vulnerable to a decline economic green shoots are supportive of the markets. Housing data was positive on Monday as signed contracts for housing impressed, pending home sales...
SPY got crushed -2.4% on Friday. Support zone is at 296.5- 298.5 at 50 DMA and 200 DMA respectively. All major indices again lost more then 2% on Friday. Remember the 6% one day drop 12 days back. Well, that's a gonzo bearish candle. We are now in a new bearish channel. For me to turn bullish ES futures first need to take out 3157 (SPY 316) and then...
SPY rocked up in late afternoon rally and closed higher 1.1% yesterday. Higher Corona cases and high jobless claims dipped SPY to a loss of 0.9% in the early going. FED came riding in to rescue with some modification of Volker rule for financials. Enough news for bulls to buy dip again. The Squeeze momentum indicator remains divergent but SPY remain above...
SPY got pummeled for a loss of -2.6%. All other major indices dropped more than 2%, including the mighty Nasdaq. But still hanging in above support zone. The Squeeze momentum indicator delivered the promised downturn. But one day does not make a trend. Need follow through day. Coming up are quarterly window dressing and bullish Jul 4th events. Markets...
SPY up +0.4% on Tuesday, after being up 1% earlier in the day on the back of ES futures buoyancy. In the past 10 trading days, 7 days SPY have opened higher and closed lower suggesting stealth selling by the institutions. Nasdaq Composite (+0.7%) closed up for its 8th day straight advance. Nasdaq mega caps consistently provide narrow leadership for the...
SPY remains bullish. Above support zone. ES futures bouncing 31.5 handles as of now. SPY to gap up about 1% higher. Indicator developing divergence. But SPY above 300 and showing no weakness as of now. NQ futures making all time high. This will influence SPY trade.
ES futures are again buoyant in the morning and at present up 21.5 handles. That's been the pattern most of the time since Mar 23. Let's see if they fade SPY during RTH again, as has also been the pattern lately. --------------------------------------------------------------------------------------------------- From Motley Fool. Bear case about why the next...
SPY closed -0.6% lower on quadruple-witching expiration this Friday. SPY was up 1.3% on the open on the back of ES futures that gained strength in overnight session from European stimulus and China's trade news. After a mild liquidation break in the morning selling started in earnest on the news of AAPL closing stores in two states due to Covid-19 spike. At...
Who would have thought that the narrowest days of the past 7 days will be printed one day before quad witching. But here we are. SPY closed down 0.1% yesterday. Unemployment data came in tepid, with continuing claims at 20.544 million for the week ending June 6. OTOH, Philly FED index turned positive and Leading Economic index clocked in at +2.8%, the first...
In past 6 trading days SPY has open higher than the close. They are selling the up gaps. And buying the down gaps, as happened on the only green day in the past 6 days. Yesterday traced out an inside day. Usually trading in the direction of the break of an inside day pays off. However, at present, ES futures are trading 22.50 handles lower promising a gap down...
Living up to the volatility expected in quad witching week RTH session opened about 2.5%, algo's liquidation break slammed SPY down to almost 0%. BTD bulls came in to stabilize market to finally close SPY up 1.9%. SPY at 312.96, comfortably above support. ES futures are again buoyant up +17.25 handles as of now suggesting SPY open about 0.5% higher. FED chair...
At one time in the overnight session ES futures were down -2.5%. About afternoon FED chimed in with an unexpected announcement that it will start buying individual corporate bonds. That jaw boning was enough to propel SPY to a gain of 0.9% by end of trading day. ES futures are again bouyant, up 34 handles as of now. The indicator is showing divergence but...
SPY opened up euphorically, up 2.9% at it's high for the day. Strong 2 way trade ensued as expected (noted yesterday). Index closed up 1.3%, but much lower than the open. Thursday's strong down trend day was followed by sell into strength of Friday. Rips were sold, dips were grudgingly bought. SPY was down as much as 0.6% before buyers closed up the index for...
A great trend day for bears ended with SPY smashed for a loss of -5.7%. But still above support zone. ES futures are nice up 54 handles suggest a robust 1.8% higher open for SPY as of now. I expect vigorous 2 way trade in RTH. Indicator has started to develop divergence. But one day a trend does not make Above SPY 300 and the ball is still with the bulls.