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The overnight move on Nasdaq and S&P500 was a clean wash-out for (what I though should have happened) yesterday and I covered some shorts into the first 30 minutes and did nothing the rest of the day aside from watch.
Bitcoin took a big hit last night and that should be on your list to generate long/short ideas. If you don’t know where to start I made a 10 minute video explaining an easy way to do it here - you’re welcome.
S&P500 needs to remain above $5210 area if we sell-off tomorrow on this data, if that loses we are in for selling into the rest of the week with a $5120/30 target. If we get bids above $5295s then we can have a shot at a move higher but that’s asking for a lot and given Crude oil price I don’t think we’re getting it. (I was going to write a 25 page report on S&P levels, but that’s the plan - don’t make this more complex than it needs to be, we’re not building atoms at Cern here).
Crude Oil - Big problem for the equities market if this EIA report tomorrow puts us anywhere near $90s so regardless of the data that’s bearish for the market but good for our energy longs. As a note, I would not be chasing new energy longs here yet, there should be at technical reset before the next leg up. It also does not help that Iran’s Supreme leader is popping off again but more important than that is the reaction against $88-$90s tomorrow.
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