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S&P repelled right near important Resistance- Defensive stance prudent

Trend remains near-term Bearish-   Equities have attempted to stabilize again at  Sept SP 2142-4  since Europe's Open after giving back 1/3 of yesterday's gains overnight- and found resistance right near the Area of its breakdown after yesterday's steep rise from oversold to near overbought territory in a very short period of time on hourly charts.  Europe is largely flat, while Asia closed mixed.   Bonds have continued a bit higher this am, both in Europe and US TY with yields at 1.66 and mild gains in the US Dollar while Crude lower by over 2%-  Overall we remain in a period of high volatility for stocks, and trends have turned negative in the near-term, so its difficult getting too bullish ahead of FOMC until the S&P can make more upside progress.  For now, that area is 2163, near yesterday's highs in S&P Sept futures- (2155-DEC) and 2169-SPX cash, though filling the gap and getting above 2181 is really what would give some conviction-  For now, near-term pattern remains unconvincing of a low at hand, and we could easily pullback and test lows if not get briefly under into late next week, with support near 2100 and then 2092-3 area, which should have importance for Sept S&P-SPU6-   Both Crude and gold largely range-bound here and no decisive directional bets until we see breakouts of recent patterns, which look to be on the upside given six month patterns, but would require a breakdown of the US Dollar post FOMC which means NO HIKE-   Markets right now factoring in only a 22% chance of despite the jawboning.. the market truly doesn't seem prepared for a hike, and would be a negative surprise, despite the limited impact.   For today, pivots lie at 2142 which held initially this am, and under drives down to 2134, 2122, and then 2107-  Premkt gainers:  ISIL, KTOS, ERII, ACTS, BABY, and on the downside: BUFF, APC,  AGTC, PRGS-    Technical shorts to consider:  COH, KODK, KORS, TIF, ANF, URBN, FOSL--Let me know if you have any questions-  

S&P was repelled right near the "underbelly" of this giant 2-month consolidation pattern, which was the first real area to consider selling, for active traders,.. as this former "support" had become resistance-  For now, difficult to turn too bullish until S&P can make some further progress and get back up above 2163- SEPT SP-    Overnight lows of 2142 near Europes open look to have just been breached, so this should give way to a bit more selling early on pre-open-  Given that trends have turned bearish and we remain in a "high-energy" time ahead of next week's FOMC.. its right to be defensive and not attempt to immediately "bottom-pick"-  Selectivity very important until indices can stabilize a bit more