Futures Down 1%, NazQuack Down 2%. I Say Meh. So It’s Probably the One.

The bull bear Wall Street drift¹ continues with full rubber burning and wheel spinning. The overnight moves are nudging -1% and NazQuack is going quackers at nearly -2%.

As I’m jaded, woke up with a headache and we’ve seen this a dozen times before just this month, I’m inclined to rubber stamp a “…meh…” response.

This is an observation of price behaviour that we have been discussing daily most of the year. In this case, this month we have seen prices move large overnight and then retreat back during the regular session or the following day.

Signs of a crash: futures down 1%, NazQuack down 2%, and me saying meh.

Of course, now that I’ve said that, this is going to be “…the one…”

Opinions aside, trade the setups.

The levels, the triggers and the ping pong are all below.

¹ Drifting: the art of going sideways very fast while insisting it was deliberate.

Market Snapshot

• S&P 500 futures: 7,720, -1.03%. Gapping back towards the prior turning points.
• Uncle Dow: 52,726, -0.72%.
• NazQuack: 29,472, -1.86%. Feathers everywhere.
• Uncle Russ: 2,770, -0.80%.
• VIX: 18.39, +10.32%. Back between the 16 and 19 lines.
• Gold: $4,103.7, -1.34%. Still sliding from the D high.
• Crude: $99.18, +1.50%. The odd one out, heading up.
• Bitcoin: $81,722.

SPX – We’ve seen the flipping and flopping a lot around this zone.

SPX swings are technically bullish, but they do have their bear trigger should an official bear setup not develop, which in this case it hasn’t. The gap lower for the moment is going to be around 80 points, almost -1%, and puts it around the X on the spot on the chart, basically back down to the prior stopping and turning points. We’ve already noted this area is a rough consolidation, it’s just not officially a consolidation as per the BB pinch.

We’ve seen the flipping and flopping a lot around this zone, it may be fair to assume it’s going to continue. As with all things, when a pattern has been seen, that will continue until something new happens. Something new being the breakout below around 7630, and even then we could see prices snap back if the yoyo theme continues.

Until something new happens.

Crude Oil – Price continues to respect the boundary levels.

CL range/channel boundaries were redefined yesterday with new information. We are still above the larger range and there is still a smaller, now flatter, range, and we can see price continues to respect the boundary levels. Bullish off range lows. I’m excluding the bearish off range highs as we are above the larger range highs for the breakout move, so combining the two views gives me bullish off range lows, target off range highs.

Bear assessments will still be below $95.

Bullish off range lows, target off range highs.

Bitcoin – Ping pong profits.

Bit con is also respecting the boundary levels. A quick move yesterday to target at the adjusted range high, a snap back to the entry point giving me an opportunity to reload for a push back to the range highs. Ping pong profits.

Bear assessment is still below 79.5k.

Reload for a push back to the range highs.