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Weekend Update December 13
Late last week we finally followed through on the Bearish setup in markets, with ES SP500 futures dropping to under the key 2000 level, and now negative on the year in mid December. Internals were strongly bearish, and at extremes Friday, technicals such as RSI and Stochastics are oversold on all timeframes out to 4
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Futures roll day
Today’s action was all about rolling futures contracts, where traders are exiting positions on December contracts and entering positions on the March contract, or are simply trading spread plays (the difference in price between the Dec and Mar contracts). Usually, during roll events, we are trendless, but have a fairly wide range which exactly describes
Reversal Day for Indexes
Another interesting day in markets today, we began the session near overnight lows and rallied strongly, with ES climbing 30 points off the 9am lows, then quickly reversing again to drop 45 handles in a straight line down move. Internals have been calling for all of the recent rallies to reverse, as noted in our
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