S&P500 (SPX)
SPX (SPY for ETF) is now showing support for a weekly bullish right below the price. You can see it on the chart. If we close above, there is a probability to head higher into next week. Then we can get that low into March 14th. Markets never move in straight lines, ride the waves.
Update: 2pm SPX
A great bounce from the test of the week bull on the SPX. We are now bouncing, but we are at 2pm. Around 2pm or 2:30pm is when some larger traders play. Then largest moves into 3:30pm. Selling premium (Jade Lizard) and longing SSO (Ultra Long S&P500) appears to be a nice trade.
Update: 4pm Close SPX
Good rally off the week bull intraday, but failing at the close. We then had a day bull above price that is a what if reversal — this is acting as resistance for the day. So took profits on the longs and unsure of direction into Monday for SPX.
Monday is Turning Point, so could have bit more upside but will review data the computer presents over weekend after the world closes markets.
We also have a VIX weekly bull electing (need cpu confirm) and S&P500 electing week bull (need cpu confirm). No clear trade taking profit and running like a thief in the night on intraday trade.
AAL (American Airlines) (showing some potential) — watching for setup as well as BLDP (Ballard Power). But these setups were off day bears bounces. Weekly bounces occurred last week so missed main low, but they have potential.
NasDaq Composite (IXIC)
While there is no bullish below the NasDaq we do have a daily bullish above we are right now testing around 2pm EST. If this gets elected shorts would be exited from the 14,400 area. By closing above 14,171.80 (daily bullish), this could bring the NasDaq higher into 14,600 area of the next daily bullish.
NasDaq Update for Close:
Always for the close for confirmation as we had the NasDaq rally above the day bull(yellow) into 3:30pm, then fail to elect it. Will be interesting to see how Monday goes. Currently still in short for the NasDaq since no bull elected. Keep in mind, if we have 5 to 8 days without a reversal election, the market is usually getting tired.
Summary:
Long term we are in a bull market, but indecisive and no perfect setup into the friday close. So took quick profits on SPY bullish jade lizard – selling premium for bullish move. Also had long SSO and exit profit from the week bull bounce around 4450 area.
Looking at the VIX, we appear to be electing a week bull as well (also in SPX)? So this confuses me right now. It appears Volatility will go higher into the next week, which signals downward movement into S&P500. We also did not elect the bull day reversals from the NasDaq and S&P. So kept short on NasDaq, and will wait for the cpu to calculate all the data from the market closings on Saturday/Sunday.
Weak close… big money exiting rallies?