Retail Sales

The Retail Sales numbers were just release din the US and it sent the market down to break the overnight lows, but only by a few ticks.

This could be a clean out to the downside, but an upside test of Friday's highs doesn't get started until we take out the 1350 level with some responsive buying.

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Measured move setup down near 1332

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Nice size gap up

Nice size gap up to start the day

the SPY has field it;s gap form Tuesday

Don;t forget, today is contract rollover for Index futures, among others.

Ill be watching for a fade here but giving this open some time to play out

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Chopperific

No fade to speak of, and after a breakout of the first 90 minutes of range, we've just been chopping around going nowhere fast.

The ultra-short term oversold reading into yesterday's close got it's move, but the Bulls still have work to do to get this back in the right direction on the short term.

The gap fill from yesterday is a good first start. The QQQ already got there, and the IWM is back above it's 50 day

Good breadth reading here suggests that the dip buyers were in the house early, but the question now is do they stick around to the close?

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And what I miss?

Good day to start late, as the gap didnt fade much, and we are just chopping around here after the nice gap up into resistance

Breadth is nearly +1900, but we aren't going anywhere fast.

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No gap

There was no gap off the opening, despite us trading higher overnight

We are pushing down here, and Im watching for a buying op into support.

1228 first level I see on the S&P Futures

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Nice and sloppy

Nice and sloppy trading here, as we can't make up our minds.

Could stay this way into the afternoon, and no guarantee we move then either.

Breadth is -800s and the VIX is down small

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Two way action

As expected, two way trading action is the name of the game here in the morning.

Job numbers are due out Friday pre-market so we may not see much directional movement on the session, but if we do, it will likely be after lunch.

Of course, there's now some rattling about German Chancellor Angela Merkel taking a firm stance, etc., so Europe is still a wild card, which shouldn't be that surprising, should it?

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Numebrs due at 10AM

See if they provide a spike or 2

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1248

Overnight highs basis the S&P futures are 1248

breadth is flat

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A quick look at the market

We ran into resistance at the 78.6% retracement of the swing down off the overnight highs to the early low and got a small pullback, but now we are assaulting the highs once again.

1206 is the next upside level to watch if we get above high of day.

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Watching the SPY

Watching for the 50% retracement of the last SPY up swing on the daily chart to be tested at 118.43

May not get there, as we are still in an inside day model, but if it does, I will be watching for a buying op there

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Resistance

Resistance is 1255 basis the S&P Futures

So far we are running with the Bulls here early on

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Different day, same story

Nice fat gap up here.

I'll be watching for a gap fade

1249.25 and 1244 are key levels for the S&P Futures on the downside.

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ISM at 10

Maybe we get a retest of lows and I can get a fade entry

ugh!

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Blog will be dark

As I'm typing this, I'm getting ready to leave for the day.

We are down 5 pints, but there still 3 hours to go to until the start of the day. If we gap down better than 4 points, Ill be watching for a fade.

I'll try to pop in during the day as I will be watching the trading unfold, but the blog may be dark if I can;t get away to post.

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121.77

89 EMA on the SPY

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This is not strange in a Bear Market

Days like today may not be the "norm" in a Bear market, but remember that the biggest one day rallies (which this is not close to yet)have all come in a Bear market, so big up days are not that unusual.

As I said yesterday, a Follow Through Day will change my mind, but volume so far today is saying that we won't print one today no matter what the gains are, but maybe that changes.

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Stalking a low

This could be low being put in here. Once again, not "the" low, but an opportunity for a bounce, at least for a few hours

No confirm yet, but watching here. volatility has kicked up pretty nicely

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Just back

Just getting back and I see it was a "missable" gap, but now we seem to be under some pressure

Breadth is not nice here at -1560s and the last TICK low suggrests we have more downside to be seen

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