The news is driving the markets pretty well right now and that retail sales data and 9am Fed speaker in addition to China new is not looking great for the markets. I’ve said it in some of the recaps that these markets needs to reset because they seem to lack any upside velocity to get going so a flush out would make that easier.
ES futures caught $4750 today which is a 61.8 level on the 60 minute time frame but with more data out tomorrow it’s hard to say that we stay bullish. In fact, until we get back above +$4820 I don’t see it happening.
The opening trades have been the move right now since now much is trending so that’s the playbook I’ve been running and will continue to run until we get a reset on this market at large.
BABA 0.00%↑ and China news remains bad and that cancelling of their spin-offs just doesn’t help but I had to start a new long on that via calls today to at least test it. Not sure that I stick in it for long but hard to pass up on signals.
Crude has EIA tomorrow given it’s a 4-day week and we need a draw in production to get it to move higher. Hard to stay swing short and had to cover today and just might have to intraday trade the futures for now.