Wednesday, June 23, 2010

Morning Post, SPX, S&P 500, e-mini

Still undecided. We have to watch the form of the fall and see where it takes us. I would love to say we're headed straight down from here (and we certainly deserve to), but I just can't go there. The daily charts are the source of my confusion and inability to commit. I'm not seeing any valid reason for a turn here quite yet even though markets are very oversold NT. Look for the 1090 area for a possible turn spot. If that gets abused I'll be reconsidering my thoughts.

I'm reverting to my 30m SPX chart where I know I can maintain accuracy on the NT moves. That is a particularly nasty move in the MACD histogram. While oversold, this chart is not ready to turn quite yet, but it may be soon. Price has already made lower lows taking out the 1106 support. Lets see what it does with the gap below and the 1090 low. That is a massive move to get to the gap in the 1050's, just not seeing that at this time, but who knows, all it takes in this market is the right bit of bad news to send everyone scrambling.
I'll post an update when I see this chart give a buy signal. Minis are up 3 at 2:15, and I'm going to bed.