The S&P and NASDAQ are ready for liftoff, it seems. However, there could be some difficulty for the futures price to break 2400 (or maybe not). In any event, looks good on the daily, but try to find a good entry. I got in around 2393 for the futures price (so 2397 or so for the cash price), so just be careful getting in when the futures price is around 2400, could be volatile
HOWEVER, bear in mind that the move up is predicated on 1) Trump not doing anything stupid or rash to compromise his tax reform and overall growth agenda and 2) his tax reform passing in 3) a way somewhat close to what it was when he initially revealed it. Otherwise, the move up could be seriously called into question.
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I had to bail on my position around 99 (ie 2399), but I am looking for a long entry again...
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so, i was both right and wrong here. obviously, they were both poised for liftoff as I said, but did not ultimately liftoff as I clearly implied they would. however, both cratered soon after the close yesterday, and i'm not totally clear why. i scanned the news quickly and the best story i could come up with involved trump imprisoning journalists, and the fact that this convo between him and former fbi director comey got leaked suggests that the fbi and administration could be going to war as has been speculated in the media...so that could be unsettling markets: the whole restrict free press, one of the cornerstones of a democracy and free society, and a potentially politically damaging and distracting war with the fbi for the admin. so, it could be argued trump did something stupid again, this time saying what he said and a potential civil war...but i am very open to other narratives, so feel free to leave them here or pm me
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Reekardo
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late may buy signal is bearish... potential for 100-150 handle move on spx into end of june
TheLurkingVariable
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@Reekardo, sorry, i wanna make sure i understand. you are bullish or bearish on this? and what are your targets and stops if you have any?
MikeMcmullen
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its hit his level few times.
TheLurkingVariable
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@MikeMcmullen, it definitely could. from 15 min at the moment, looks like it will need to regroup at least once more before finally making it through. however, I don't know why, but I am suspecting it will go through 2400 a lot more easily than many might be expecting...extremely hard to imagine that it doesn't go through this week, and I can even see it happening today, no problem...but I have been wrong before, so we'll see