The ES has repeatedly failed its 50SMA, we are looking for an attempt at
an Over-Throw.
Presently there is a wide spread on Put/Call (400 Puts vs 4500 Calls) for the
SPY. The 400 Level and 430 Level are Key supports, with 438 would be the
Gamma Squeeze point after the Columbus Day low volume.
We will see how the 400 - 430 Puts trade out into November, as this position
shows large O/I.
Yesterday's Close, as well prior Closes... have been extreme in weakness.
We see the 34SMA acting as support for the ES.
With Financials moving to 2021 Highs... Bulls were clearly anticipating a
larger contribution from the Sector.
10Yr Yields have placed a relatively large damper on All Sectors.
FOMO appears to be relegated to TSLA with 800 behaving as a Pivot for Higher.
We have seen weakness in the Candles, rejection after rejection.
And yet, we remain in CASH waiting for Higher Prices to SELL. The Market
too a great many Analysts (Retail) are turning bullish based upon the Short
Duration TFs.
Momentum is not in their corner, follow-through is non-existent.
Wall Street sees and knows this as they stand aside and continue to feed out
their Longs while building Core Positions in the VX Complex.
AAPl, has been weak every day, 142 close under sets the Lows to be retested.
Lackluster Selling, indecision, distribution does not square with anything other
than a Smaller Retracement.
The 34EMA acting as a Base can easily Lead to the 50EMA being tested with an
overthrow.
We do not believe it will hold for any length of time, we firmly believe the 200SMA
and lower will arrive, the wide consolidation is simply shaking the Tree.
Patience... again, is required.
Gunslinging optional between Price Objectives - the Big Lick is approaching once again.
Time is all with a healthy dose of reservation for Higher Price Objectives.
Let's see if the Larger Counter-Trend can push higher, let is come to us.
Retail Traders went into the Sell Friday into the Close while Institutions are
patiently waiting for Fills,
an Over-Throw.
Presently there is a wide spread on Put/Call (400 Puts vs 4500 Calls) for the
SPY. The 400 Level and 430 Level are Key supports, with 438 would be the
Gamma Squeeze point after the Columbus Day low volume.
We will see how the 400 - 430 Puts trade out into November, as this position
shows large O/I.
Yesterday's Close, as well prior Closes... have been extreme in weakness.
We see the 34SMA acting as support for the ES.
With Financials moving to 2021 Highs... Bulls were clearly anticipating a
larger contribution from the Sector.
10Yr Yields have placed a relatively large damper on All Sectors.
FOMO appears to be relegated to TSLA with 800 behaving as a Pivot for Higher.
We have seen weakness in the Candles, rejection after rejection.
And yet, we remain in CASH waiting for Higher Prices to SELL. The Market
too a great many Analysts (Retail) are turning bullish based upon the Short
Duration TFs.
Momentum is not in their corner, follow-through is non-existent.
Wall Street sees and knows this as they stand aside and continue to feed out
their Longs while building Core Positions in the VX Complex.
AAPl, has been weak every day, 142 close under sets the Lows to be retested.
Lackluster Selling, indecision, distribution does not square with anything other
than a Smaller Retracement.
The 34EMA acting as a Base can easily Lead to the 50EMA being tested with an
overthrow.
We do not believe it will hold for any length of time, we firmly believe the 200SMA
and lower will arrive, the wide consolidation is simply shaking the Tree.
Patience... again, is required.
Gunslinging optional between Price Objectives - the Big Lick is approaching once again.
Time is all with a healthy dose of reservation for Higher Price Objectives.
Let's see if the Larger Counter-Trend can push higher, let is come to us.
Retail Traders went into the Sell Friday into the Close while Institutions are
patiently waiting for Fills,
Comment:
A close under 4192 will send this down to 4K.