Bullish at the Range Lows. One Random Tweet From a Brush Fire.

The boing boing “…meh…” in the regular session basically came to fruition. Yesterday we saw a little panic yo-yoing around the opening bell, an attempted push lower.

Live from the opening bell, where our reporter has found nothing.

But the reality is that once again the move was done in the overnight trading session, with very little actually developing on the 4 stock indexes.

Scroll down for the SPX range lows, VIX’s mild hysteria, crude’s $104.50 and why the sentiment charts are keeping me bullish.

Market Snapshot

Rus and Dow holding their levels as SnP and Naz flushed lower, right down the range lows marked on the charts.

As always with this pattern, it’s assessment time. Bullish turn at range lows, the same thing to continue unfolding, or assess for a breakout, which is not happening yet.

• S&P futures: 7,700 (-0.05%), sitting on the range lows.
• NazQuack futures: 29,180, on the range lows.
• Uncle Dow futures: 52,905 (-0.34%), holding its level.
• Uncle Russ futures: 2,788.4 (-0.15%), holding its level.
• VIX: 19.02, well off the spike high.
• Gold: 4,027.9 (-0.29%). Gold is down to its pattern low, so we will take a closer look at that next week and see what unfolds there.
• Crude Oil: $100.85 (+1.77%).
• Bitcoin: 81,652.

VIX – Just down to mild hysteria level.

VIX is dancing like a puppet on a string, and while still elevated does seem to be calming down after its panic attack. Now we are just down to mild hysteria level, and what would set this market off like a brush fire in the outback is that elusive TACO trade. We just need some random news or tweet to have the markets hyperventilating and reaching for the paper bag to breathe into.

Reaching for the paper bag.

SPX – This location is good.

SPX swings remain bullish and back to the range lows, firing off the bull swing. Just a shame we didn’t get the bear turn indication for the move lower, such is the way of things. This location is good, obviously the usual bull setup, but the overall location at or near the larger range lows gives me the each way trade choice for a potential break down lower should that happen.

Bullish at range lows. PFZ levels flipping will rip the bear as needed.

Crude Oil – Remains bullish.

Crude, still the only one in the office doing as it’s told.

Crude oil continues to behave nicely and remains bullish. Now we are looking at the bullish breakout assessment.

The larger bull target remains at $104.50.

Sentiment – Keeping me bullish for the moment.

The sentiment charts are keeping me bullish for the moment despite the mixed index views. I think if we see the SnP and Naz start to push higher, the 4 indexes will surge given that they did not really participate in the blood bath of a sell off, one of the bigger ones we’ve seen this year as a one day move. The stocks relative to their moving averages are showing a broad bullish move.

A broad bullish move.

Premium Poppers & Wall of Wins – Some names on it.

And of course, the Wall of Wins has some names on it.

• James D.: “Took a cheeky pre-market on XSP and closed it in profit before open :-)”
• James D.: “Also a Netflix Gap n Go from earlier in the week came good. Just closed a RUT BO1 PP for profit, also in a bear SPX BO1, going the wrong way at the moment but futures are down so fingers crossed….”
• Don E.: “Took small loss on RUT BO1 then closed SPX BO1 for 50%”

And this week’s award for discipline goes to the bench.

• Scott K.: “Glad I sat out…again.”

Well done all.