Wednesday, June 30, 2010

ES Important Perspective

In 1000 trading days, I have never seen the ES (S&P 500 Futures) take a big move during the Asian session.   It is doing so today, and finding support and resistance on some important lines.   

Please comment.


  1. Hi steveo,
    re: what's up w/Asia, I've got no clue. I'm still digesting Jessie's assertion the shorts painted the tape today in select stocks for EOQ window dressing. If that were true, a bounce would seem more appropriate than these grinds lower. No, I think we're now moving into outright bear mode and these brief pivots at key levels are just the order books getting gnawed on - working thru market depth. It's about time for another capitulation move that will suck in the bulls again....although now the buy signal is said to be sub-950 on the SPX. I saw one 'headliner' technician was finding value at 865. Good luck!

  2. Very perceptive, but, did you see my funny post....stepping in to your expertise.

  3. late to comment, but I was early looking for a bounce. luckily today and tomorrow will bail me out of any damage, most likely.

    the asia thing is weird and there's no explanation I've heard of. maybe somebody finally figured that if the u.s. and europe are sucking, china is going to get whacked, and if china is starting to tremble, that the u.s. will get whacked. hell, maybe they'll want some of their money back, cash in a few treasuries!

  4. if they cash in treasuries, they will get paid in USD....then they can convert to ?what? Gold at these levels? Euro (haha), renbimbo or whatever their currency is called.


Insightful and Useful Comment!