Sunday, November 15, 2009

Futures going quite nuts again after only 2 hours

Well big move in futures right at the open. I wanted to restate from Friday:

"So today its important to watch the 1082-1085 range. A breach here will put higher probabilities on the failed W5 move, if we manage to stay above this range today and close above 1091-1092 we have to be ready for more upside. The upper side is 1096 that we need to monitor closely."

Quite ironic that we hit the low and high of day right on the head - within cents on the low and exact on the high. Now whats even worse is Fridays close ... well we closed at 1091.50 (yes right in the smack middle) - this again gives a 50/50 chance to either bear or bulls this week. It is quite ironic that we closed right there. I had mentioned on Friday I was looking for a short opportunity tonight but will hold back until probably 4:00-5:00AM tomorrow morning.

Have a good end of Sunday and look for my update post in the morning.


  1. its going to be difficult to push this higher here before 5:00AM tomorrow. EURUSD is going to give SPX too much resistance here so expect this range to be tight until europe has had some say in this =)

  2. futures at 1000. are you now long or short?

  3. nope not yet - have to wait for cash hours. We do qualify for a stepping day today if we remain at these levels (yeah we probably will). May go long there for a scalp.

    Who knows - maybe we will finally get to 1107-1110 as we had been waiting for this range for a while now.