EU Markets are closed until Tuesday and the Futures Markets are flatter than flat because of it:
The YM has had a 100 point range; the NQ 50 points, and the ES 10 points – all of which are hugging at their 1st “proof of life” levels for a possible move upward towards/past Friday’sHighs.
The EU is a significant contributor for the U.S. directional flow and with their extended weekend, there is serious doubts on seeing Friday’s Highs/Lows without their participation.
Essentially, SPX should sustain support @ those 2622 & 2605 pivots while resisting 2647.
CHINA Tariffs are “HEADLINE NEWS” now, but the more important focus – THE CHARTS – indicate nothing up or down other than the continued BEARISH SLIDE we’re due to begin the week inside of that started 4 weeks ago today @ 2802
SPX 3Week View
APR 20 SPX 2550 PUTS & APR 20 SPY 255 PUTS
I’m gonna be watching these closely today to see what kind of flow is sneaking in or out of these and maybe +/- 2 strikes above/below.
I’m still expecting us to make a move towards that 2685 (inside the 2695 – 2673 resistance range) before any BUY/SELL signals start flashing BIG BRIGHT LIGHTS.
None of the 3 scenarios looked at over the weekend are set up and primed for a confirmation, but as the main ticket for all of this is going to be Nasdaq Tech, watching them and the Banks ahead of their earnings kick off next week might give up a hint or two.
- FWIW, we bottomed out on FEB 9, 2018 – the 2yr anniversary of when we bottomed out on FEB 11, 2016 (FEB 11, 2018 was a Sunday). In 2016, it was APR 20 when we peaked before a small dip into the start of JUN which simply banged its head across 2116-2120 (the 3yr ceiling) before a BREXIT DUMPING which lead us to higher ATH’s off the JUN JOBS Report JUL 7 2016.
TSLA’s April Fools Day Prank Not SO Foolish
TECH is our ticket up or down for the SPX/SPY/QQQ and Friday’s Highs/Lows are to be the first sign of what could follow. As for TSLA, they don’t weigh anything on the indices, but Elon’s April Fools Day Joke could be a cavity creep for related tech like NVDA which is related to MSFT which is related to AAPL which is related to FB which is related to GOOGL which is related to AMZN which is related to BABA……………
Last week, TSLA lost that 1-yr hold on 304.88 (the APR 5 2017 High) for its main support and lost the 2nd CATCH ALL SUPPORT in the low 290s for a Tom Petty Concert.
TSLA was suspended in mid air @ that 252 range from a trend line which dates back to SEP 2014 – JUL 2015. When that gives (and hopefully for us it doesn’t), 243.45 – 242.01 should have TSLA “saved by the bell”
As mentioned last week, when the dead cat bounce to 300 happens, I’m undoubtedly buying into JAN 2020 TSLA 50 PUTS
TSLA 5day 30min
TSLA BIG PICTURE (from last week)