Once again the ice wall blocking the way to SPX 2100 and beyond proved too steep a hurdle for the bulls. Yesterday’s lackluster session was a bad omen in that it showed only obligatory participation near such an important inflection point. That’s not how to storm a stronghold that has held what at this feels like aeons
Smashing entry opportunity in equities this morning as we’re back to whence we came before last week’s NFP disaster. I’ve got to say, that shake out was executed with quite a bit of finesse and as usual our very own Zero indicator provided us with important clues that bear trap #7641 was in the works:
We’ve got a bit of a double whammy going on today in that it’s the last session before the long weekend plus Yellen is scheduled to speak late in the day. So it’s probably fair to say that few of us are going to be doing much on the trading front and I wouldn’t be surprised if most of you are already on the way out. Best to call it a week – quite frankly I could use a few days off myself as I have been working hard behind the scenes over the past few few weeks. However it’s become a long standing tradition here at the evil lair to send you guys off with a few charts of interest and I would hate to disappoint.
Good things come to those who wait. After a bit of downtime over the last two weeks, and focusing a bit on options and the educational front, it’s time to snap back into action. I’m seeing some very interesting formations across the board this morning, so let’s dive right in starting with equities.