SPX and ES had no trouble reaching our initial downside targets — a backtest of their January highs. We wondered, however, whether the SMA20s, loitering just below, might come into play. Sure enough, ES tagged its SMA20 with ease. But, emini traders strongly resisted a drop through the SMA20 – bad mojo, don’t you know. … continue reading →
Tag Archives: S&P 500
Yesterday started out with a VIX-driven pop that quickly fizzled and nailed our downside target before rebounding and hitting our upside target. Since SPX closed right at resistance, it needed a boost overnight. So, why not go back to the same clever trick that worked the day before? Yes, VIX’s red channel has broken down … continue reading →
Markets tend to moves higher on Fed minutes days, even if the news isn’t all that positive. It’s all about convincing investors that the FOMC has their best interests at heart — that all they’re worried about is making sure that stocks continue to rally. Today’s session is slightly complicated, then, by ADP employment which came … continue reading →
There’s an old expression that says “close only counts in horseshoes and hand grenades.” So, we spent most of the day yesterday wondering whether the day’s 2336.45 lows were close enough to our long-held downside target of 2335.34.The tag was marred by premature reversals in oil and VIX. Did the guys working the algos not get … continue reading →