Traders wake up today on a RED ink everywhere and here is the $ES_F Momentum Positions:
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Weekly Trend Bear: The net trend should be sideways to down for at least another 2-3 weeks.
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Daily Trend Bear: The net trend should be sideways to down over the next few trading days, if not weeks.Yesterday’s rally reached the .618 retrace from the 8 Sept high which is a normal retrace. Retraces above the .786 @ 2165 would have been cause of concern for the Bear Team.
Here is the Daily chart for $ES_F , looking at the ABC setup to the FMOC
Oil price volatility, Fed expected to take center stage on Wall Street
U.S. stock index futures pointed to a sharply lower open on Tuesday, as investors kept an eye on the price fluctuations in oil, amid speculation over when the Federal Reserve could raise interest rates. The Dow Jones index was down some 102 points around 5.30 a.m.
Intraday ES : 240m OB, 60m Deep OS, VV AD: .41 Bear
$ES_F 60 minutes Chart
We will be looking for the 60 minutes reversal today to align with 240 minutes and Daily… I added some more hedges yesterday..I will know I am wrong with ES breaching .786 @ 2165 – check chat room for updates
Today’s Economic Calendar
6:00 NFIB Small Business Optimism Index
8:55 Redbook Chain Store Sales
1:00 PM Results of $12B, 30-Year Note Auction
2:00 PM Treasury Budget
We are looking at $ATVI for a trade idea, so we will be buying some Call Debit Spreads – Check room for details.
$AAPL is edging higher in pre-market as there are news on a healthy demand on the #IPHONE7 sales. T-Mobile Releases PR saying “Apple’s #iphone7 and #iphone7Plus is the biggest Pre-Order in T-mobile’s History up 4 x compared to the next most popular #iphone”
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See you in the chat room
Thanks
-IKE
