V-Pattern At The Range Lows, And Another News Item

Well, it turned out that Thursday’s news did indeed move price lower, and now we come to Friday where we have another news item which could also shove things around.

New low movements on everything over that Naz. Tech was held higher by a new Apple product, not seen that for a while, but the fold screen does look super sexy. As always not first to market. I just wish they would put a decent zoom on the cameras, I’m sick of zoom envy when I’m with my Samsung buddies lol.

Also, 11 September. So let’s light a candle and spare a moment to remember.

I always feel the markets collectively hold their breath too.

Right then, let’s get into the charts.

Market Snapshot

The VIX has been informed that ES is 40 points higher. It has acknowledged receipt.

• SPX 7,613.33, down 1.58 (0.02%). A V pattern at the range lows. Full read below.
• RUT 2,890.95. Firmly in bear trending mode. Full read below.
• ES 7,635.50, up 33.50 (0.44%). A nicely overnight pump.
• Uncle Dow (YM) 52,354, up 265 (0.51%). Pumping with it.
• NazQuack (NQ) 29,298.00.
• Gold 4,397.6, up 39.1 (0.90%). No read today.
• BTC 77,398.93. No read today.

VIX 17.45, down 0.40 (2.24%).

We are seeing a nicely overnight pump, and the VIX is not moving down to the same magnitude that the S&P is moving up overnight. ES is currently 40 points up. I suspect the news will push it back down.

Crude 100.00, down 3.93 (3.78%).

No read today, but it’s sat exactly on the round number having been as high as 104.46, and it’s the biggest mover on the board by a distance.

SPX – Ripe for something new to potentially develop.

SPX swings do look ripe for something new to potentially develop. At the range lows we can see a lovely V pattern entry, in the same way we’ve seen the last few times we were at the lows.

Premarket we are up around 40 points looking at the futures, so cash may well open 40 points higher. All depending on the reaction from the 8:30 ET news.

I remain bearish, and no amount of “Trump Mid Term Bribes” appears to be able to pump these markets higher. At least not yet.

All depending on the reaction from the news.

RUT – Confidently bearish and firmly in bear trending mode.

RUT also remains confidently bearish and firmly in bear trending mode. Similarly at a level that it could turn off or burn through.

A level that could turn off, or burn through.

The Premium Poppers

Pretty much done on SPX before the day was started.

I took a nice early VWAP breakout in the mid UK session, transformed it, and enjoyed myself the rest of the day.

I did also take a slightly discretionarily timed RUT just after the open, mainly because the premiums seemed quite phat compared to previous weeks and months in this low IV environment.

I did have to sit through that mid morning surprise pump higher, but ultimately transformed while I was watching a movie.

Profits secured and mischief managed.

Wall of Wins

The AntiVestor community pulled together as well, as always. Well done team.