The Daily Market Forecast
Day Session Analysis:
World sentiment is BEARISH and that historically brings out Buy-The-Dippers. After falling 35.50 points (AMZN miss) price is trending up somewhat. Income reports @ 8:30 should help decide direction. Stats favor LONGS running further than SHORTS. Friday (both sessions combined) garnered 25% of all the gains over the past 5 years in dollars. Reversals (78%) crush Breakouts (22%). Trading CL/GC/ES using BB Rev with new filters considered and looking for Credit Spread opportunities on the SPXW.
S&P 500 Futures CPL: 4411.25/4414.50. We’re trading BELOW the CPL (short edge below, long edge above).
The World Index (-100/100) plummets from +64 to -64 with all major world markets bearish (long edge).
Catalysts: Personal Income & Employment Cost Index @ 8:30. Fed-speak @ 9:00. Chicago PMI @ 9:45. Consumer Sentiment @ 10:00. Covid Delta still relentless. AMZN and HOOD cant’ find the buyers. Possible brightside for AAPL owners, they borrowed $6.5B for share buybacks.Â
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The Daily Market Forecast
Day Session Analysis:
World sentiment is BULLISH and we’re near all-time highs. GDP & Jobless Claims @ 8:30 should decide direction. Stats favor shorts running further than longs.Â
S&P 500 Futures Critical Price Level: 4394/4398.50. We’re trading within/around/above the CPL (short edge below, long edge above).
The World Index (-100/100) jumps from +29 to +64 with all major world markets bullish (short edge).
Catalysts: GDP & Jobless Claims @ 8:30. Fed reassures spending won’t taper soon. Covid Delta continues to get notice with a return to MaskLife looming.
Trends: 60 min UP within a RANGE, daily up but “rounding” lower (short edge).
Chart: Inside day. Stat update shows LONGS have a subtle edge. Opening +0.10% (no edge). $TRIN XMA @ dropping to 1.12 shows a subtle buying trend (long term outlook: stay long).
Globex: The range of 22.50 (possible higher by the open) suggests a day session range around 38 points on a FALLING ATR of 40.73. Prior forecast around 40 points, actual 30....