Daily chart for S&P futures
Daily chart for NASDAQ futures
S&P 500 futures had been grinding along mostly between 1040 and 1120 since late May. It seems that we are going nowhere and with the 200 day moving average more or less flat since June, this will be a long and tiring ride.
Today thanks to Chinese data (not sure how much we can trust their data), the market had gapped up to the 200 day moving average. Should we continue to move up and close up above the 200 day moving average, I would say that we are at the beginning of a bigger rally up. However if S&P fails to break above the 200 (ice-hole failure), it will be start of a bigger trend down. We should be seeing some interesting and decisive movements this week.
No comments:
Post a Comment