Monday Morning Briefing

I can’t believe it’s Monday already – time flew by for me last weekend as I was spending over 20 hours coding on Thor. Which by the way would be done today had it not been for some mysterious Kinetick data feed issue which effectively wasted five hours of my Sunday. No worries my resident team of highly trained ninja assassins (i.e. they scored high in Mortal Kombat) has already been dispatched. I put in some extra hours however and am pretty close to an early release – give me another day or so.

So it looks like we’re not done yet on the equities front. See, I told you on Friday that I would have preferred a more solid touch of the 100-day. So we got another leg lower overnight and now we’re pretty much back to whence we came near the Friday lows. May be a late shake-out – keep an eye on the Zero for divergences today.

Frankly speaking I’m not particularly interested in being involved in this wood chipper. But if you must play then I strongly suggest you keep eyes on the 1955 mark as the weekly NLSL plus the 100-day SMA are now converging there. A drop below has us near 1940 where the 25-week SMA beckons – it has been tested sufficiently but it’s not a hard support line, so momentum may easily drive us below for a scare-the-children candle before we see a bounce.

I parsed around but did not come across any appetizing looking ST setups this morning. So let’s stay put and see what the afternoon brings. FYI – as it’s the EOM I’m planning to do a LT update either today or tomorrow – the former depending on whether I’m falling off my chair tonight. Anyway, see you guys before the close.

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Cheers,