End Of The Line (For Now)

After enjoying a relentless series of 11 consecutive higher closes the spoos enthusiastically approached our weekly Net-Line Buy Level (NLBL) this morning and promptly bounced back. The FOMC minutes are just about to be released and it seems equities are enjoying a little lift right now. Nevertheless there are hurdles ahead and I think it’s reasonable to assume a bit of resistance here.

I pointed out the 1844 NLBL yesterday and it was great spot to get positioned. The E-Mini breached it by two ticks (today’s high is 1844.5) before gravity started to pull things back southward. It’s possible they’ll run it back higher toward the close but statistical odds strongly support a close below it today – given we’ve got 11 higher closes behind us.

Then there’s also our volume profile chart which shows a very steep cliff starting – guess where? Exactly – so combined it’ll take some doing to overcome all this. Should we push above it today (against all expectations) then we’re probably going to see a low volume short squeeze.

If you’re a Zero sub then watch the signal after the announcement at 2:00pm EST. This is the latest one at 2:15pm and I don’t see anything significant – in fact today’s single is minuscule and we didn’t even push above the 0.5 mark – which means low participation.

And here’s my best campaign of the year thus far – it’s the one that none of you cats took apparently, at least judging by the comment section. The subs may remember the inside day I pointed out on coffee. I expected a big move but heck – I got a lot more than I bargained for. Frankly speaking I was pretty busy yesterday and today and had not even realized that the damn thing had produced over 3R yesterday and then pushed to 9 friggin’ R today! Campaign management be damned – I’m closing this sucker out and will be smiling all the way to the bank. This is surely one chart I keep for posterity.

New setups lurking below – please join me in the lair:

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Cheers,