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The S&P should trade below Friday's low

Based on the way the S&P Futures closed, they should trade down to the 1416.50 number, at a minimum.  Below that, next support sits at 1404.75.

Despite the fact that we had a large range trend day down, and the model for Monday is a morning consolidation, those lows have a better chance of being tested early in the week, and may even get there off the Sunday night re-open or Monday AM on residual selling.

If not, and we instead correct in an upside drifting fashion, then I will be watching for a post FOMC sell off to those levels.

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Not a qualified gap

There was not a qualified gap to start the session, so there is no fade to be taken off the open

I'm watching for the first move of the session to get positioned

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S&P Futures 5 Minute Chart

Qualified gap down to start the sesison

The gap is qualified and fadeable by my rules, but I'm going to be waiting for at least the overnight lows to be tested, if not taken out before looking for an entry

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Levels for the S&P Futures 9/19/12

9/14 levels S&P Futures

Rollover day

Not a qualified gap to start the session. It's contract rollover today plus the FOMC meeting.

Im standing aside until after the 12:30 announcement more than likely

Have a great morning

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9/12 open

Sharp push higher off the German court ruling news, but we've spent the last few hours backfilling it and forming a flag.  We are right near yesterday's high, which is a good inflection point.

The gap is a qualified one, but I'm going to pass taking it at he open adn see if we can get a retest up first, which I may also pass on.

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Key levels for the S&P Futures for 9/12/12

Static Support and Resistance Levels S&P Futures 9/11/12

Small gap to start the week

Small gap down to start the week, but right at the high volume of Friday and so far today (overnight).

I'll wtach for a possible fade, but more than likely I will be on the sideliens loking for the first push of the session

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Small gap then a push

Today's gap was not "qualified" for a fading opportunity, but the day after trend day trade I like to take was present.

So far, the opening drive failed, but then he Bulls reasserted themselves and are now trying agian for the highs

If this fails here, we should retest the lows, but looks like it will be more choppy than anything today

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Gap up

Gap up to start the sesisons.  I'll be watching for an entry to fade, but in no rush, as usual

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Nice shove higher

1400 got shredded as the buyers cmae in adn shoved the market up with a nice impulse.

Watch for a pause for a spot to grab some more upside

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A possible scenario

This is ABSOLUTELY influenced by my opinion that we bounce  today at some point.

Right now, we are correcting the push lower from this morning.   A scenario could be a stall out a little bit higher (maybe just under/over 1400) and then a retest drift of/towards the lows. From there, we could see profit taking and a push higher in the afternoon. A change in the breadth (which is currently stinky) and a good pattern to back it up would go along way in building my confidence.

Again, it's an opinion influenced sceanrio, but one that can be considered if you share the same view as mine.

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S&P 500 Futures Chart

60 minute, all sessions. 2 fake outs and then the move.

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Acceptable gap down to start the session

Decent size gap down to start the sesison

I'll be watching for a buying op off the opening push here to/below the overnight lows.

If we don;t get a bounce I'll likely head to the sidelines but be watching for a boucne later on.

My opinion is that they get some kind of bounce ahead of Bernanke speech tomorrow.  Of course, if that is the genral consensus then of course we have to be aware of the overweight to one side

As I finish this we are retesting 1400, let's see if it can hold on the short term.

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No video for today and the market

Since Monday was such a lame trading day, I decided not to do a video update.I'll likely do at least one this week, but it should be a low volume low volatility week ahead of Friday's Bernanke speech, although we do have nearly 9 points of range, basis the S&P Futures already in for the first hour today, which is large compared to recent activity

I still think we test up to the highs at a minimum and we did get some responsive buying this AM, which is Bullish, but yesterdays highs need to be challenged to keep the Bull happy.

Despite how boring the market may be, I still put out a daily update, and you can get it for FREE by signing up at http://stockmarkettrendsx.com
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Gap fade to end the week

The gap wasn't that big to start the session,  so I want to wait to see if it will push down into the overnight lows

May have missed the opportunity picking it up at 1396.50 (basis the futures) which was a key level from a few weeks back (the 13th to be exact)

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