Is Today the Day?
Is today the day that the S&P 500 futures hit 1700? We’ll see, but whether it happens today, or later in the week, I can’t see price getting this close without hitting this level.
Next Stop: 1700
While reaching 1700 seems like a foregone conclusion, I’m more interested to see how the market responds to this level after it is reached. Will the market automatically sell? Will the bulls push price way beyond 1700 to make a statement? Will price hang around 1700 for some time as bulls and bears jostle for position? The answers to each of these scenarios will give us a better understanding of how the market may play out in the days and weeks ahead.
GOOG Hits NQ on the Close
The E-Mini S&P 500 is beginning to show signs of exhaustion, and the NQ is already below major support. Gold continues to build out within a large trading range, and Crude could be closing in on a near term high. There’s tons to play before the weekend starts, but let the market come to you and watch your levels closely. The first zone that I’ll be watching is 1683 to 1684.50 in the ES. A failure here could introduce big time selling. We’ll see soon enough.
Range Bound Markets
It seems like the entire market is coiling. Nothing is moving, but everything has huge potential for movement. Like the market, I am in “wait and see” mode, and we have a slew of reports and news out today that could finally influence a breakout in a wide variety of markets.
The Fed and Narrow Ranges
Keep an eye on Crude Oil and Gold. Both of these commodities are experiencing multi-day compression ranges, which forecasts the next phase of price expansion. As a matter of fact, each has formed a 5-Day Narrow Range setup, which carries with it high probability odds of a breakout move ahead.