Seeing a little weakness here in pre market with the ES down 2, and the SPY has lost the recent low of 129.17 putting into the gap area which starts @ 129.20 and fills at 127.76. There is also another gap down there to fill at 127.30. In between we have the 38% fib and 50MA on the 60 minute chart at 128.32. As far as upside is concerned the 1300/130 area is first resistance, The 61% fib is at 130.53 and major resistance at 131.42 with a gap to fill at 131.82.
I feel as though the recent lows of 124.74/1249 are gonna hold, A short term trade-able bottom is in. With that being said we could still pull in to 127.50/1274 area which is major support. The recent action the past couple days has been solid. The move of the lows of 50 points is being digested, but looking under the surface there are not many great looking charts. So tells me another day or two for decent setups to emerge. Or wait on a dip to 1274ish.
I really like the look of the SPX 30 minute chart, big ol’ monster flag being built.
Copper’s head and shoulder top we fretted about for days is GONE… negated, get out the eraser. It has broken through 4.36 with a vengeance and is currently tagging 4.41.
I am back to a pretty heavy cash position again at 87% and playing the patience card. That is the key “Patience” No need to be a hero here. Let the market lead the way. Good luck out there today.