Closes above 1146.00, the trend is still up. Until then, we are simply retracing 50% of yesterday's move. No big deal.
ok... here is a question to all you bulls out there. (Today no doubt was an trendy/easy day to make money on the short side. I had no problem riding 30 NQ ticks down today.) So tell me guys.. how in the world would you even have made 10 ticks on the NQ today going long? with this said, I simply don't understand why guys that called tops today (and being correct) are being bashed for calling a very wise shot early this morning? Didn't the facts proof everything already?
The time frame of these (and other threads) talking about top calling and the bull trend is higher than just one day; when these guys call a top, they mean the top of the bull market. I myself was short ES/long ZN most of the day today, it doesn't mean that I think we've reached a top...
Well it didn't close above 1146 but I dont think that it signals any big move down - however I dont really care since I am neutral going into tomorrows session. Amazon posted good numbers after the close so it will be interesting to see how that is interpreted - may have no effect though except to further sell off amazon shares.
A close below 1146.00 in the SPX is tipping the market toward the Bears, with the 1135.50 March Futures low of last Friday a key level that the Bull must reassert itself at. Until then, AMZN is trading down $2.83 in afterhours. S&P March futures on Globex: Unchanged
Today brought volume accumulation on all major indices (except nas) to the bottom of their channels. QQQ -50 million DJIA -10 million SPY -30 million Seems like a good buying opportunity to me, adding to my calls