I see a rising wedge in the overnight S&P chart. These formations are usually bullish. I have one Fib target at 1334.25 and another one at roughly 1340.
I am delta neutral with SDS against SSO/SPY calls. Any weakness at the open and I will likely increase my calls looking to take profits above 1335 and add to SDS near 1340.
One outlier that I see is the reversal in rough rice futures. At this writing it is down 4.6%. It could go a lot further over the next few days. Chart wise, soybean meal doesn't look too clever either. Neither does oil.
I'm taking these as small canaries thus far.
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