Yesterday's action in the S&P was near perfect. It's a shame I was away all day, but those are the breaks.
It was a classic Wyckoff failure: price retested the previous highs on lighter volume and failed. The only thing that would have been better would have been a marginal new high.
Now it will be key to see how the S&P cash index opens. Where?
Futures are down 19 at 8:59 am EST. European bourses are getting crushed. 1190.68 and more importantly, 1181.23 are the levels to watch for me. Getting below these spots would signal that rallies should be sold. The target would be under 1100 at least.
9:30 am UPDATE: The other side of the trade is this: should the cash index be unable to muster a down open equal to what the futures are indicating, look for a large rally.
No comments:
Post a Comment