Noted in my futures chart i'm linking to this
All week the PPT''s have been on defcon one and hard at work day and night in the futures and cash markets catching the price with a net (market buys) and then setting large buy walls to pump this thing up. That makes me hesitant to long just for the simple fact that at any given moment they can flip the switch on their algos or walkie talkie the 5 guys in a room and guess who'll be stuck holding the bag? I do give it to them, they're good at what they do.
With that being said we did have the negative divergence and ascending wedge play out but reversed rather quickly for my liking, and then reversed again as everyone was closing out for the weekend. At this point my chart from yesterday is still in play and valid. I was surprised we reversed before we got to the gap (hence my commentary above) but we did get a trend line break, recapture with below average volume, and another trendline break with above average volume on the hourly. We also had better volume on the daily today with majority of it coming in on the two downward candles. Net net i'm not sure we're done with the selling just yet. This entire week has been a pump with little relative strength and low volume. Meaning if they wanted to flip the switch on us it'll knife right through all the gains of last week in a day or two. Keep that in mind.
Regardless - my entire point is something's been funky/suspicious in the price action this entire week.
I'd like to see us fill one or both of the gaps (one at ~296, the other ~294) before we make any meaningful move higher.
I closed around $297.50/$297.25 but also reshorted going into the weekend. Remember Brexit will have a meaningful impact on markets Monday most likely and then it's going to be earnings front and center with a bunch of huge companies reporting. Should be fun.
All week the PPT''s have been on defcon one and hard at work day and night in the futures and cash markets catching the price with a net (market buys) and then setting large buy walls to pump this thing up. That makes me hesitant to long just for the simple fact that at any given moment they can flip the switch on their algos or walkie talkie the 5 guys in a room and guess who'll be stuck holding the bag? I do give it to them, they're good at what they do.
With that being said we did have the negative divergence and ascending wedge play out but reversed rather quickly for my liking, and then reversed again as everyone was closing out for the weekend. At this point my chart from yesterday is still in play and valid. I was surprised we reversed before we got to the gap (hence my commentary above) but we did get a trend line break, recapture with below average volume, and another trendline break with above average volume on the hourly. We also had better volume on the daily today with majority of it coming in on the two downward candles. Net net i'm not sure we're done with the selling just yet. This entire week has been a pump with little relative strength and low volume. Meaning if they wanted to flip the switch on us it'll knife right through all the gains of last week in a day or two. Keep that in mind.
Regardless - my entire point is something's been funky/suspicious in the price action this entire week.
I'd like to see us fill one or both of the gaps (one at ~296, the other ~294) before we make any meaningful move higher.
I closed around $297.50/$297.25 but also reshorted going into the weekend. Remember Brexit will have a meaningful impact on markets Monday most likely and then it's going to be earnings front and center with a bunch of huge companies reporting. Should be fun.
