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  • Overnight session

    Equity futures are up, with ER (small caps) leading the way, a positive. NQ went as low as 1089.50, just a few points shy of the gap close. ES and NQ are trading above (typo corrected, thanks Charles) their weekly S1's. Bonds are bidding, although off the...
  • Monday wrap

    A very nasty day for bulls, and another fun one for bears, with a steady decline all the way into the close. The TRIN registered a high of 9.39, NYSE ADVDEC lines were - 2474 at lows. Volume was relatively light, only at 72% normal for QQQQ. NDX / QQQQ h...
  • Closing hour

    We are chopping around ES 841, but internals are not improving. This does suggest new lows going into the close so I would be cautious, at least for the next 20 mns. update (15:10) we retest the lows (837.50), but are building some bullish divergences. V...
  • PM update

    Bears are in full control and we should see NQ hit 1105/1108 before the day is over, althouh pay attention to ES and the 840 level, confluence 10 dma and 38.2% November. Right now, we enter 1PM turn noise. QQQQ traders, look for 27.20 / 27.28 support belo...
  • Morning update

    ISM data brings us down to key support levels, namely DOW 8480, ES 853 and NQ 1136.75. VIX resistance is at 63/64. Internals have gotten worse, bulls are in for a fight. The valuation crowd is fighting the liquidation crowd. update (10:50): support drops...
  • Open

    The sellers are back in force, with AD lines now -2100. The VIX is back up above the 50 dma. Bulls need ES to hold its weekly pivots at 858.50, below that is the retest of the old trendline resistance from September now at 853. The COMP has pulled back to...
  • Overnight session

    Oil drops and we get a pullback right at the open, with ES testing 20 dma support at 882. NQ tags S1 at 1171.25, which is also just above the 5 dma (1167). As usual with Monday's, watch the action around weekly pivots should we drop further. The first tip...
  • Nasdaq update

    The COMP is giving us a clear picture of where resistance lies at this point. As noted the past few days, 50% November has been an important battleground for the DOW and SPX, which they conquered on Friday. However, it still remains a stumbling block for ...
  • Open

    ES holds on to 873/874 support, 50% November. The ten year note is falling even further, now at 2.98%. This is not a reliable day to trade, but if you are, watch VIX 57.78 resistance.  Nov. 28 (Bloomberg) -- U.S. retailers opened their doors at midnig...
  • Wednesday wrap

    The DOW easily manages a close above 50% November, as does SPX. The laggard is still NDX (relative to November retracements), although semis were the percentage gainers of the day. The big story could be the VIX close below the 50 dma for the first time s...
  • Morning update (2)

    Alert: VIX tags 57.40, 50 day moving average support in place since September. ...
  • Morning update

    Stocks reverse to the upside, bucking the pre-open bad news. Techs lead the charge with AAPL and RIMM in the lead. The bulk of the moves could have been put in already, as volume dries up. The bond bid has quieted down just as TNX hits a low of 2.985%. Mo...
  • Open

    DOW 8480 keeps on being a problem. Internals are negative, with AD lines -1400. Bonds bid further on the Durable Goods number, pushing yields on the ten year note to 3.026%, an extreme that should eventually benefit stocks. Gold is down, oil is up. These ...
  • Tuesday Wrap

    The DOW ends the day right under the April 2003 close (8480, see last night's wrap), bouncing off the 10 day moving average (8283). We had two huge days of buying and the pullback was minor, an impressive show from bulls. Resistance, however, is clear for...
  • PM update

    ES goes down to test the overnight lows and moves back up. It's a good day for daytrading with predictable moves around support and resistance. As for direction, the bias is slightly negative, but so far nothing more than a consolidative day. The final ho...
  • Open

    Beras can't get much traction and for now, the pullback from the two day rally is minor. QQQQ/NDX holding on to October lows (28.09/1149), the fulcrum today. If we drop that level, look for a test of overnight lows (ES 838 and NQ 1131). The central bank ...
  • Overnight session

    Oil is down, bonds bid and we have a pullback. Watch NQ 1136.75.  Preliminary GDP on deck pre-open. Richmond manufacturing at 10. Pivots: link....
  • Monday wrap

    QQQQ/NDX managed to close above the October lows (28.09 / 1149), quite a feat, given that we were more than 10% lower on Friday. The next hurdle will be 50% November at 29.53. It would have been better to see the DOW close above 8480, April 2003 close, bu...
  • PM update

    The market keeps consolidating at highs, while NYSE advance/decline line stays above 2000. This would suggest more upside into the close, so I would avoid shorting here. Watch ES 831.50....
  • Noon update

    We push even higher, NDX tags the October lows (1149), with NQ hitting 1139.75 and QQQQ 28.05. If traders have not taken partial profits on the trade from 25.30, now is the time. The day is very bullish, and we could keep climbing into the close, but agai...