Good morning. I trust everyone had a good weekend. Looks like the trend will continue and SPX will be throwing in yet another gap on this senseless journey to oblivion. Enjoy it while it lasts.
HERE is the earnings calendar for this week. AAPL tonight should keep the market up to flat today IMO. I'd watch for a potential pop late leading into the close.
I don't like what I feel (as a bear). Feels like 1200+ on SPX unless earnings surprise to the downside. That sounds like a horrible number, but it is only 113 points away on the SPX. Technically, this market is very overbought and is due at any time to turn. Things are really screwy if you ask me. The e-mini bear market top trendline held Friday and it may keep downward pressure on the market, but I'm not gonna hold my breath on this being any sort of major line in the sand. It could be, but...
/ES 60m - See the gray line with the 1095 spike thru it? that should be the major resistance for the mini's today. Once that busts I'll have to regroup. The 1104 to 1109 gap is next.
SPX Daily Indicator Chart - I do not like the position of the indicators. Running up or turning at some trendlines marking the divergences previously set. This would lead one to think something bad is coming soon. On the other hand, if these trendlines on the indicators give way, up, up, up we go and we have to start the divergence building cycle all over again.
SPX 30m - I hope we are in 3 of 5 of C of P2 or but most likely we're in 3 of 3 of C of P2.
This market really pisses me off. This is some screwy shit. Keep buying the dips and selling the rips. I'm a little off kilter as the dailys are proving to be unreliable indicators. This will be the SECOND whipsaw (if it happens) crushing the fall that should be occurring right now (thanks PPT!). If it takes out the trendlines that have set nice divergences and have kept the indicators hemmed in, I might go crazy, but at this time I am anticipating (incredulously) for that to happen.