As long as there's any suggestion that a "global meltdown" (aka Depression) is looming over the horizon, the two instruments will scratch each other's back. The disconnect will begin once the inflation rears its ugly head.
The hardest setup they can pose for daytrader tomorrow would be a gap up of 10 to 15 pts in NQ. Then should we fill the up gap or the down gap first? If I see that tomorrow, I will pass No problem about the question ... I was thinking out loud at the time to remind myself not to stay too bias on the short side.
I think we will at least try to close the gap (934.5 SPX, that is only 931ish for futures). The BioComp guy has a Long signal in his journal... Where is the gap below? I have just noticed that yesterday made an island reversal, with the Mon-Tu upgap and today's downgap, not very good sign for bulls...
I'm not bullish, but I think we have some support to bounce off here. Some nice hammers on the 60-min toward the close affirm that. I'll be looking to get long in the 901-903 range if we can drift down there tonight. Stop below the pivot. I think a ~38.2% retrace up to other resistance at ~915 is in order tonight or tomorrow.
We all know where the bulls are hiding, don't we? ES 120min Chart <a href="http://3.bp.blogspot.com/_uyrGNw94-qw/SWVTXp8tBlI/AAAAAAAAAXg/O0Zfl2i7bTY/s1600-h/bulls_hideout.png"><img id="BLOGGER_PHOTO_ID_5288725003279074898" style="WIDTH: 400px; CURSOR: hand; HEIGHT: 318px" alt="" src="http://3.bp.blogspot.com/_uyrGNw94-qw/SWVTXp8tBlI/AAAAAAAAAXg/O0Zfl2i7bTY/s400/bulls_hideout.png" border="0" /></a>
What price would that be? Btw, assuming we retrace back up (tomorrow's T-Day), how high can we go without breaking that island formation? It would be a rather bullish sign if that island is closed no?
Them T-boyz kicking tires again, eh? For some reason, I have a nasty feeling that your boys will be summarily executed. ES testing the 900 area as I write.