Saturday, June 1, 2013

Weekend charts update

Hope everyone has been trading well.

Some charts below. As of Friday, NYMO is below -80, VIX rose sharply, and SPX broke strong support in the 1634 area, so although we're probably in a downtrend, we might see a strong bounce on Monday.

Some quant based evidence for that here as well -> $SPY falls more than 1% on last trading day of the month

ES has strong support coming up in the 1620 area, longs with stop below is probably a good idea. I'm not encouraging counter trend trade ideas though.

TF is a better sell? Held up on Friday better than ES, but broke an uptrend line. Short a bounce targeting 973 & 968?

Bet that end of day move in ZB trapped a lot of people. 140ish area held again (June). Resistance above at 142 '10ish

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