10 days ago, the financial press was pushing talk of a bigger downturn or even a crash after a 95-point drop from the all-time high of 1985.25 (ESU14:CME). 10 days and 90 points later, we are looking at a possible test of that high, perhaps as early as tonight in Globex, amid continued low volume and a lack of new geopolitical events to frighten the markets. Tomorrow’s release of the FOMC minutes and the Jackson Hole, Wyoming, meeting of central bankers is the main focus of traders, with both Janet Yellen and Mario Draghi expected to speak after this week’s release of numbers showing little or no increase in inflation. In the MrTopStep Trading Room, we have been calling out buy stops from 1977.70 in the big S&P futures contract (SPU14:CME), going up to 1981-82, then a second range of buy stops up to 1990-93, showing a clear mechanism for the algorithms to push the markets up to new highs.
HIGH: 1979.50 LOW: 1971.00 LAST: 1978.50 UP 11 Handles TOTAL VOLUME: 800k minis (180k Globex); 1.4k bigs MOC: MiM Flip…SELL $30million FOR TOMORROW: MBA Purchase Applications EIA Petroleum Status Report FOMC Minutes The dark clouds have opened up into a potential test of the highs I put out the stops from 1977.70 that initially go to 1981-82, then up to 1990-93 Geo political tensions replaced by the FED and rate hikes taking back center stage Jackson Hole Symposium – Janet Yellen Mario Draghi – Europe.
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S&P 500 Futures Up 90 Handles In 10 Days
Published 08/20/2014, 01:49 AM
Updated 05/14/2017, 06:45 AM
S&P 500 Futures Up 90 Handles In 10 Days
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