The market bounce after the steep fall post-Brexit vote has been sharp and swift. Usually market takes stairs to go up but takes elevator to go down. This time it seems that it is using elevator both ways. Based upon the disruption created by UK’s decision to leave EU everyone expected the markets to continue decline. So…
Directional Bias For The Day: The bias is to the upside, albeit, modestly Critical resistance levels for S&P 500 are 2082.54 and 2092.64; Critical support levels for S&P 500 are 2063.11 and 2051.26 Early morning futures price action is indecisive. After making a high of 2074.75 post-NYSE session, futures dropped to 2056.50 before London session open.…
A day after the historic British referendum regarding her continued membership in EU, on Friday June 24th 2016, the S&P 500 plunged -75.91 points or -3.6%. The next day, i.e. Monday June 27th, S&P 500 lost 36.87 points more or -1.8%. So, the net result two days after the upheaval in Europe was that S&P 500 shed 112.78 points or…
Directional Bias For The Day: The bias is to the upside, though extremely dependent upon news / rumors regarding Brexit Critical resistance levels for S&P 500 are 2049.10, 2054.96 and 2073.47; Critical support levels for S&P 500 is 2015 Early morning futures price action is encouraging; S&P 500 futures are up by +15.25; Dow Futures by +124.00 and NASDAQ…
The Guardian of U.K. has Bank of England’s base interest rates data from the year 1694, which gives us some interesting things to ponder over. At present the base rate is 0.50%. This is how the interest rates have varied over 318 yeas – from 1694 to 2012. Interest rate less than 1.00% = four years or 1% of…
9:40 AM: Break To The Upside? Futures were drifting since 5:00 AM NY time and made a down trend line – on price and 14-period RSI – on 6-minute chart. Ten minutes after open, RSI downtrend line was broken. Usually, this type of break is followed by the break of trend-line in price too. 8:30 AM: Waiting…
9:50 AM: Breaking Out The impact of evening star didn’t last long and the futures are breaking above a rectangle trading box and also an ascending triangle. S&P 500 is near 2108, which increase the probability of it testing the resistance of 2111.05, the high reached in April 2016, and 2116.48, the high reached in November 2015. 9:25…
Out there in his home on the net, the ever sharp Bill Gates has put out a review of How Not to Be Wrong: The Power of Mathematical Thinking by Jordan Ellenberg. The way he deals with the lottery is a great example. For several years, the Massachusetts lottery ran in a way that allowed three teams—one led by…
14:00 : Slightly Better Looking Inverse Head-&-Shoulder Albeit after very short decline. The break above 2096.75 will complete the patterns. Neck 2095.75, head 2082.75; target near 2108.75 11:45 AM: Bouncing Off Lower Bound of Rectangle Potential target near 2096.50. 11:30 AM: Uneven Inverse Head-&-Shoulder A break above 2092.75 would be interesting. 10:52 AM: Bounce? S&P…
For the past few days, U.S. stock market has been shrugging off bad or lackluster economic news and marches right along. Thursday, June 2nd was no different. On Wednesday, S&P 500 futures first tanked and then recovered. It was a repeat performance on Thursday. Despite the fact that the big Kahuna of economic report is…
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