We’ve Got Movement

Despite yesterday’s lottery tickets the odds supported continuation lower and that’s exactly what we got. Early in the morning near the open there was a moment when I thought the bulls still had a chance – yesterday’s lows had held up overnight and we were slowly crawling higher. However shortly after the bell that low was crushed and it’s been a sea of read since. Let’s see where we are and where we may be heading:

The E-Mini is now touching its 100-day SMA and the easy part of the journey is over. That doesn’t mean it’s the end of the line for the bears. We are most likely going to close below the daily NLSL at 2070.25 and despite a bounce we could easily continue lower afterward. As I’m typing this our current line of defense is the weekly NLSL at 2064 and if that one doesn’t hold we have a stack terminating near 2030. Below that the bulls are quite frankly screwed.

Yesterday I showed you guys this P&F chart and pointed at 2080 as a level to keep your eye on. Well, if we close below that – and the odds are high we do then we’ll finalize a double bottom break down on our SPX P&F chart. The current temporary target is 2020 – my money says we may drop lower. Again, if we bounce right here this may change again. A run back to 2095 would trigger a low pole reversal warning.

Oh – you didn’t see that chart? Probably because you’re not a sub – an unfortunate situation you should remedy! 😉

Our crude campaign is proceeding according to our nefarious plan. What can I say – we got a perfect entry there and I’m holding this all the way. My trailing stop now advances to 56.07.

We’re not in this one but bonds have literally fallen off the plate over the past few days. I’m seeing very very soft support here but would not dare taking entries until price confirms that a low may be in place. Anyway, keep an eye on this one. If you’re short – don’t bloody touch it and let your trailing stop take care of you.

Very very nice setups tonight – I’ll throw one out for free the rest is for the subs only. Palladium – long above 796.80 – my stop goes below today’s lows.

Quite a few more waiting below the fold:

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Did I promise too much? Now let’s go and get that money!

Cheers,