S&P Futures Update for Jan 11, 2013

I will not be trading tomorrow however - here is my take. The S&P's have broken above a 6 day Balance and settled above it. Looking at the profiles suggests that the market is too long - as the POC did not rise as the market rallied up in the afternoon. Your short term reference for the morning is the Spike - the base of the Spike - 1465 is support. The next reference above is 1474 area  - which co-relates to the highs from 2008. Also - watch the S&P cash Index as the 2012 highs were 1474.5.

The first sign of change will be acceptance back below 1463 - prior Balance High.

S&P Futures Update for Jan 10, 2013

 

The S&Ps have been in a tight range (think Balance) for the last 6 days with a large 18+ point Gap below. Wed was one of the narrowest range days in the last 6 days. While this is not a prediction - but the day following a narrow range day after several days of balance usually leads to a Trend Day.  If the market opens higher and does not get much follow thru i.e get much above 1463, I expect that we may finally break and test the top of the large Gap below at 1444. There is poor structure below the Gap - all the way down to the 1400 level.

S&P Futures Update for Jan 8, 2013

 

No Major change on Monday. After 1-timeframing up for the last 4 sessions the market has come into Balance. Trading Question is does it resume the trend up or do we get a down side breakout. A downside breakout targets Wed's low and a probe into the large (18+ points) Gap below. On the upside the next monthly reference is 1487.75 from Nov 2007.

Given the poor highs from Friday and Monday, I would not be surprised if we get another test of the recent highs.