S&P Futures Update for Feb 8, 2012

The Monthly Trend is UP. The Weekly trend is Balancing as shown in the graphic above. All auctions usually come into balance before resuming the current trend or reversing. The daily bar shows a 10 day Balance with no Excess at the highs. Any breakout may be pretty dynamic if and when it occurs.




I have not included any profiles because they don't add much to my analysis. While Value was overlapping to lower, we closed near the highs. We now have 3 settle's (Close) within a couple of ticks of each other. The market wants to move higher but is struggling. A short term correction will be healthy. The first sign of change will be price acceptance below the 1490 level. Lets see what tomorrow brings.

Lack of regular Posts

I have the Flu hence the lack of regular posts. Will pick up steam soon.

S&P Futures Update for Feb 1, 2012

All Trends are still UP. Keep the monthly chart in my last Blog post front and center - the upside breakout remains intact. The 1461-62 area is Support. The last 5 days is a Balance Area with no meaningful Excess at the highs. Short term Support is 1490 area, however keep in mind that this level has been probed several times - the more times we probe an area - it lowers the odds that it will continue to provide support. A break of 1490 targets 1481 and lower Gap at 1469.  References on the Upside - the next weekly high is 1508.75 and the next monthly high is 1519.50  . The employment report due out tomorrow should provide some volatility.