GDP (Government Development Purchases) were mixed. The minis had a brief spike down and that was about it.
Economic Calendar - Sentiment at 9:55
Pivot Points -
Dailys and 60m both pretty darn bearish. After the sell off yesterday (that was largely unnoticed by the masses cause it was an up down thing) you might think it has had enough. I'm not so sure bout that. The intraday up/down yesterday had little net effect other than driving the indicators into a more bearish stance. I quite honestly don't see why SPX can't make it down to 52 or 42 in a hurry. The lower low taking out 66 was nice. 52 is the next low that needs to get dusted. There really is not much to support any fall from here to 1115.
Yesterday the minis IMHO made a better chart to signal the reversal. The divergences on the 30 and 15m to the peak were really clear and made for a well timed trade. The point of this is that you do not need to chart both, but you do need to be able eyeball the indicators and see a trend developing. We all know the market is toppy and what the dailys and 60m have to say, but to time the entries you have to dig down a little.
60m SPX -I like this chart cause it shows how we dumped out of the last wedge and hopefully it will make a good comparison for what is to come. The last wedge fall was a beauty call that I had. It is even more overbought coming into this reversal. Yesterday was just a taste of what is to come. First that 50ma needs to crack then look for the bear cross to confirm trend change.
Natgas - I may quit reporting on this till the 3.25 level, but you may get a pop anywhere between here and the 3.81 level which is the 61.8% retracement.
Oil - Trending down. Should continue to remain range bound for a while (unless a war or something).
Gold - Might churn a little while the dailys get a bottom set.
GL! Enjoy your weekend.
