Looking at the 60 minutes $SPX chart, the bounce assumed to be a corrective move untill proven otherwise. The upper end of resistance cited for wave (iv) of c under the blue count at 2035 $SPX.
We have no indication on the micro to indicate yet of a local top in place, if that resistance holds and price starts to head back down impulsively tomorrow we can view it as the start of blue wave (v) of c with 1960 $SPX as a potential target.
The above 2035 $SPX would start to look too big as a 4th wave, and instead would argue for another b-wave. Here the resistance for red wave b is between 2055 – 2070 $SPX (the .500 and .618 retrace).
In any Case until we see a solid evidence of otherwise, we are not assuming wave 2 has completed yet and believe we still have one more low, this aligns with the weekly and daily momos still bearish gives me some confidence.
What are we doing?
Will the above scenario happens?? Who Knows? having said that we did take some July 8th, 200 SPY Puts for 1.20 as a hedge.
The $SPY like any other ETF has taken a big hit on the news from across the blue ocean. The #Brexit exit came as a surprise and probably the market was not discounting these results as such.
In Any case we were prepared and have had hedges in place, our $SPY 206 Puts that we took last weekin the chat room are up more than 330% in profits, along with our other hedges, we will be booking those profits as these calls expire this week.
Below are the charts on some targets on $ES_F
$ES_F Weekly
And Here is the reason why Britain joined the EU back in 1973 🙂
Twitter Inc. ($TWTR)has reported 310M Monthly Users vs the forecasted 308M, missing on revenu. they have cut thier gudiance sharply sending the stock down over 12.5%.
Twitter sees Q2 revs $590-610 mln vs $677.39 mln Capital IQ Consensus Estimate; EBITDA $145-155 mln
Again thanks $TWTR for providing us another dissapointing Quarter, it makes us think this stock is not worth holding, it has been nothing but painful ride.
Apple Inc. has reported a miss on Profit and Revenue and they are planning to rise Dividend to 50B. Stock Plunges over 8%.
Analysts on average expect a decline in revenue to $52 billion from $58 billion a year earlier, according to Thomson Reuters. Earnings per share likely slumped to $1.99 from $2.33.
May be the IPAD Pro was the genuis behind this week report.
Here is what have been discussed earlier in the room.
@IKE: $ES_F 30m revised count, as this is the wave 4 bullish count (elliote waves), but with the weekly momos is being bullish this certainly could go lower. The important thing is both counts Bull and Bear have ES moving lower.
@IKE: ES Momos : Weekly Bear, Daily 8 Lookback OS (Bullish), Daily 13 Lookback Bear, 240m Bear.
“Anything between 2090 vs 2080 is an INSIDE day basically”
The above two tickers have been dogs for the last couple of earnings, we think the best way to play them this earning, is by setting up an Iron Condor ( posted in the chat room )
