Battle of the century between 1370 and 1380

Not much downside...

Okay, good luck.

 

FTSE was down 3% yesterday and down almost 2% today as i write this.

DAX also down almost 1.5%.

 

Futures are edging higher again. There is latent demand in this S&P cash 1370-1380 trading range. You won't seem much weakness from these levels as bulls are going to line up to buy at support.

 

Bulls will defend S&P 1370 to the death, crazy to short anything here. And there is strong support again between 1350 and 1360. Super thick layers of support lined up right below current levels, just nuts to try and bet that support breaks today. Wait for an intermeeting cut to short. That's the safest bet. There will be plenty of idiots and dumb shorts who will spike up the markets in that event.

 

Thanks for the laughs this morning. I appreciate it.

 

At least your futs have stabilized. Still wouldn't call this action strong but better than it was.

 

The underlying conditions are bearish. Futures have been dropping for some time, and even when the FED has come in to push the market the rallies have been short lived. We're in a bear market, the bulls lost their steam months ago and now the only support they get is from the declining dollar.




"Obviously the thing to do was to be bullish in a bull market and bearish in a bear market."

 

I just wonder when I hear people say things like 'no way' and 'no downside risk'.

 

The all important 1370 is about to be violated before the next snap back.