Boy this will sure play well tonight, I can hear the hucksters now...BIG REVERSAL ON WALL STREET....BULLS RUSH IN TO SAVE THE DAY.
Six months in this range. We where down to 2050 this morning. That has held all year. I truly believe some major distribution is occurring. But until 2040 breaks and has some serious follow thru to the down side I will keep buying near support.
I remember the weekend Greek PM Alexis Tsipras calls referendum on bailout terms I remember Sunday the futures opened and we dropped down to 17350 on YM that was June 26th. So here we are today, rallying up to 17350 from 17100. Puts things in perspective.
Still think that we're buying time till September...The Chinese didn't follow the script, so more mean reversion and vol. crushing until everyone is sufficiently positioned...
and those rallies are much "cleaner" to trade...the last two days have been the exception to many years of price action (i.e. the Yuan devaluations)...the market can squeeze 30-50 spx points with minimal retracement...almost never get that sort of clean movement on downside moves...hence, why even bears will trade the long side more frequently.
I'm going out on a limb here and will say without a doubt, the futures will rally overnight. In the morning America wakes up to green arrows.