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Sunday, January 30, 2011

Sunday Evening Futures Report!!!!

The Sunday evening futures are already in the red, with the ES-Mini's making a new low at 1262.25. The Dollar is up slightly making a higher high over Friday, Gold is flat, not breaking above Friday's high, and Silver and Oil are making higher highs.
If you are long-term bearish and believe this is "The" top you do not want to see a gap down open in the cash market, SPX. Odds are very high that gap would be filled at a later date. FWIW, I have only referred to this as a top, a "top of some sort". For anyone to call this a long-term"Top" would only be very wishful thinking at this point and way too premature. Please see this morning's post with the Fib fan chart, we would need to break below 1100 at a minimum before thinking this is some type of longer-term bearish move. Short-term, is a whole different story, this is an important top short-term, but the SPX needs to make some serious lower lows, WITH increased Breadth, and sell Volume numbers to believe this will last even thru next week.
Good Luck in the morning with your trading, I have a feeling tomorrow could get exciting, and I would not rule out a bounce, keep those stops tight!!!!

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