Earnings Calendar - Just a few good ones left like BKC, TOL and my wife's favorite TIF.
Economic Calendar - Other than the usual weekly carnage we have GDP Friday.
Pretty quiet with the minis up 5 after having pulled back to the VWAP at 1074. Friday was pretty disappointing to the bears, and I imagine today (if not this week possibly) will be as well. My 30m charts went buy around 12:00 Friday and they tend to run full cycle. I'm still looking at that uncovered Island Gap at 11117 as a potential target for this pop, but anything above 1097 would truly be a surprise. The bears are winning the battle, but apparently they are going to need an LEH type catalyst. The bulls can pull back, but with 15 straight weeks of outflows there might not be any left (other than the bots of course). The only thing that is screwing up my pop call is the daily MACD which is still pretty bearish.
Minis and the range - There ais the 30m 200ma about halfway sitting on 80 and the top is at 1097. This 30m chart says price should be topping at the open and that any gap that is left on the SPX should get covered. If you see the divergences formed by the recent higher high says the bulls have gotten ahead of themselves this morning.
SPX 30m- no changes from when I posted this Friday. Either it busts here or the right shoulder or just now getting started.
So, I'm leaning to a pop (just like the manipulation team to come in and run it up as much as possible to get some cushion before the jobs number Thursday and GDP number Friday. More M&A talk. Expect a bunch of it to come and for the market to go ape shit every time one is announced. Don't forget the Hindenburg Omen has confirmed. The confusion in the markets is very apparent withe the number of stocks at 52 week highs and lows.
Come and play with us at Shanky's Dark Side where I call it real time. My post of that 30m divergence and the market swing Friday was pretty good.
GL and have a great week!
