S&P
Special Monday Review’s recording (for 1/18/16) …
Here’s the link to Monday evening’s Special Session Review. in which likely resolutions to Monday’s possible scenarios were traced. We also examined the possible decoupling from Crude Oil, discussed the bearish WedEX signal’s status, and caught up on the Up/Down-crash setup.
Watch the recording here.
Access the chaRTroom here.
(Charts may be offline briefly)
Look ahead: Economic Calendar – for Tue Jan 19, 2016
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Maybe Tuesday’s lone econ report can influence price action for being the first data since last week. But it otherwise hasn’t much track record..
Housing Market Index
10:00 AM ET
3-Month Bill Auction
11:30 AM ET
6-Month Bill Auction
11:30 AM ET
SPECIAL SESSION TONIGHT
ALL SUBSCRIBERS ARE INVITED:
Bigger Picture Review in the chaRTroom at 6:00pm ET.
Well, that muster drill turned out to be a waste of time. We’re docked and debarking, and re-entering the real world.
The same verbiage could be applied to price action since opening last night. Friday afternoon rallied back from 1849.50 to threaten the morning’s 1881.00 high into expiration (docked). Sunday night’s gap down to 1860.00 was recovered ahead of Europe’s opens, and then extended to probe Friday’s high up to 1890.00 (debarking).
The recovery wasn’t led by Europe’s strength. Europe’s strength was led by Crude Oil’s recovery, back to unchanged after gapping down sharply. But the gap’s resistance pushed back, and 1868.00 is being tested as support (re-entering the real world).
US markets are closed, but Globex is open until 1:15pm ET. Then it re-opens at 6:00pm ET, and we’ll see whether the market’s muster drill last week was also a waste of time.
You can view price action now by CLICKING HERE. Also, join us there at 6:00pm ET for a special Bigger Picture Review. I’ll send out is recording this evening, with the overnight chaRTroom link
Pre-close View… Too much, too late?
Final hour’s entry was almost grudging
Exiting the final hour above 1868.00 would have been bullish. Actually, when the bias environment exit was complete upon entering the final hour, 1868 WAS recovered. And it did follow-through, attacking the morning’s 1881 high.
But being late, and then being aggressive, makes the probe of fresh highs suspicious.
Extending higher gets a benefit of the doubt. But back under 1868 could extend down instead. Sharply, and through the close.
NOTE: THERE IS NO MARKET WRAP TODAY. MONDAY MORNING I’LL ANNOUNCE A SPECIAL SESSION FOR MONDAY EVENING.
Mid-day Update… Stay alert.
Late bias-down and bearish WedEX are fighting against timid buyers.
I call them timid buyers because they keep trying, and then stop short of anything impressive. Maybe there’s a reason for that.
There’s timid sellers, too. Entering the noon hour above the morning’s low before probing lower, and then recovering the morning’s low before the noon hour’s end, is a bullish setup. It was borderline today.
But sellers can be timid and still win the day. Bias-down just triggered late, and some remnant of the bearish WedEX may still be influential.
Be careful being short without breaking down under 1853.00-1855.50. Above 1868.00 could start to be squeezed higher.
REMINDER : I’M AWAY FROM THE SCREEN FOR AT LEAST AN HOUR STARTING NOW.