Morning Notes – Friday September 29, 2017

Directional Bias For The Day: S&P Futures are lower Within a narrow horizontal channel – between 2507.50 and 2505.50 – since 6:30 PM on September 28 Odds are for a sideways – watch for break above 2508.25 and below 2504.50 for change of fortunes  Key economic data due: Core PCE Price Index (0.1% vs. 0.2% est.) at 8:30 AM Personal Spending (0.1% vs. 01.%…

Morning Notes – Thursday September 28, 2017

Directional Bias For The Day: S&P Futures are lower New leg down at 7:30 Am after a sideway move from 6:00 PM on September 27; an ABCD pattern; price near the 100% extension target of 2498.25 Odds are for a down day – watch for break above 2505.50 for change of fortunes  Key economic data due: Final GDP (3.1% vs. 3.0% est.) at 8:30…

Market Persists With Upward Bias

U.S. Major Indices The week of September 18, 2017 was mostly a positive week for the U.S. equity markets. NASDAQ Composite declined but other major indices advanced. Four S&P 500 sectors – Energy, Materials, Industrials and Finance – also advanced. S&P 500 and Dow Jones Industrial Average have been up for six months and had…

Morning Notes – Wednesday September 27, 2017

Directional Bias For The Day: S&P Futures are higher Moving mostly up 3:30 PM on September 26 Near a double top at 2501.25; break above will have a target near 2510.50 Resistance at 2501.25 and the downtrend line from the high of September 20 Odds are for an up day – watch for break below 2496.75 for change of fortunes  Key economic data due: Core Durable…

Morning Notes – Tuesday September 26, 2017

Directional Bias For The Day: S&P Futures are little changed to up Moving sideways since 8:30 PM on September 25 – between high of 2497.50 and low of 2493.75 Breaking above a symmetrical triangle on 30-minute chart; first target is near 2501.25 Odds are for a sideways to an up day – watch for break below 2494.25  Key economic data due: Conference Board Consumer Confidence…

Morning Notes – Monday September 25, 2017

Directional Bias For The Day: S&P Futures are lower Moving down after finding resistance at a down trend line at 7:30 PM on Sunday Broken below an uptrend line at 1:00 Am and now finding resistance at it after a bounce Odds are for a down to sideways day – watch for break above 2499.00 and below 2495.00 No Key economic data due:…

Morning Notes – Friday September 22, 2017

Directional Bias For The Day: S&P Futures are lower Broken below a symmetrical triangle on 30-minute time-frame at 8:30 PM on September 21 The bounce from lows of 2492.00, stalled at the lower limit of the triangle; 61.8% extension target of the patterns is near 2490.00 and the 100% extension is near 2485.25 Odds are for a down day – watch…