The last risk of a government shutdown in August 2011 caused a significant market decline over a three week period. However, in the prior government shutdowns the market impact was minimal. The government was shut down for five days in November 1995 and 20 days in Dec-Jan 1995-1996 when Clinton and Gingrich could not agree […]
On a short term basis the S&P 500 is working off overbought conditions and based on the technical pattern of the hourly ESZ3 chart prices could slide lower. The 1,689 price level is critical in the short term as it represents the neckline of a potential bearish head and shoulders pattern. Based on the measuring […]
Action: Close ESZ3 long from 1688.50 entry at 1697.25 and book the +8.75 point gain. The market turned around this morning and ripped +10 points off the lows but is now stalling at yesterday’s highs. 1700 is big round number resistance and prices may not bust through on the first try. Our entry was perfect but now […]
After three down days in a row the market appears ready to bounce. We want to be long ESZ3 at 1688.50. This is the pre FOMC low on 9/26 and short term oversold conditions could produce a short squeeze. We’re still waiting patiently on various other entries.