Back To Work Tuesday

In retrospect I should have extended my vacation until after Eastern, however it is sometimes difficult to optimally consolidate U.S. and Spanish holidays. Now I hope you enjoyed your extended Eastern holiday weekend but now it’s time to kick things back into gear. The futures markets in particular are looking very juicy this morning, so let’s cover equities first and then jump into some setups:

The spoos have completed a credible diagonal resistance line and I think 2050 plus/minus is going to be a major inflection point. For the bears it’s truly the point of no return – all my medium term bearish scenarios are put into question if equities manage to paint new historic highs in the coming week or two. Especially if it happens in a collected/orderly fashion – an exhaustion spike may give rise to a short opportunity. A short position right here or on a little push higher today has meager odds but may yield a fat payout if the 2050 cluster continues to act as resistance. A glance at the Zero today will however be helpful in order to assess participation – the holidays have made it a bit difficult to do that in the past week. Which is why I wanted to wait until today to arrive at an assessment. BTW, if you haven’t yet then please check out yesterday’s March Madness Momo post.

The NQ also offers an interesting perspective as it’s currently chewing on its 100-day SMA whilst bumping against the 25-week as well. Technically this is a cleaner guide right now but I would place bullish campaigns on the ES and perhaps bearish ones here or on the YM.

Alright, in no particular order: As you all know I’ve had my eyes on the 30 year bond futures since last week now and finally managed to get positioned after last night’s drop lower. That falling diagonal was just too juicy to pass up. I strongly recommend that you consider an entry on a drop lower – should we get it. And I hope that some of you subs have been paying attention as this one could paint a big move here.

Corn is a bitch to get a proper fill on but I’m trying to snag a long here near 369 – my stop would be below 368. As you can see the Bollinger on the daily panel is getting pinched now and that suggest that we may be in for a fast resolution soon.

Soybean Oil is a likely trend trading candidate and I’m attempting to snag a long position on a little drop lower. Yes, I’m stingy like that and often I miss the bus – but I also get filled in many cases which affords me a better/conservative stop loss.

More goodies waiting below the fold:

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