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.
Trends: 60 min UP from DOWN forming an ascending triangle, daily up but “rounding” lower (short edge).
Chart: Low outside day. Stat update shows LONGS run farther than SHORTS. Opening -.60% (long edge). $TRIN XMA @ dropping to 1.10 shows a subtle buying trend (long term outlook: stay long).
Globex: The range of 29.25 (possible higher by the open) suggests a day session range around 38 points on a FALLING ATR of 39.13. Prior forecast around 38 points, actual 20.
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