"There are signs of buyers hesitation BUT markets ARE still dangerously bullish."
- All weekly trades are winners. AAPL is hovering just above the coin flip level so I'd keep an eye on that.
- Finally some green. Meanwhile “the dip” leaves us inches from the all time highs. The S&P #ES is +9 points. Today politicians will have a headline on taxes so I expect fireworks.
- CSCO and WMT are rallying on earnings so those two help. Oil is down again back below where we believe the fundamentals should take it.
- Earnings this week: CHART
- Levels: 2433<S>2452<2456<2469<2475<2480>2489<2505>2532<10/25 Dip<2553<We are here>2590 (ALMOST there)> 2600+?
- THINGS TO WATCH:
- TRUMP: TAX REFORM? Thanksgiving milestone? Done by Christmas?
- UK: Theresa May no-confidence vote?
- YELLEN/RATES: QT (Bal sheet) Dec Fed Rate Hike? They said they won't surprise us.
- TRUMP: Geopolitical risk? I assume worst case and make folio be ready.
- TRUMP: Fiscal spending: Feds do not expect it til 2018.
- Dec Debt Limit Deadline
- Central Banks: BOE rate hike/BREXIT? ECB taper (Draghi)
- TRUMP: HEALTHCARE (dead for now) Time line? Headline mode.
- SECTORS: I don't necessarily update the charts every day
- Gold Trading perfectly inside our range. Has a trend line to hold or dip.
- OIL Saudi Arabia unrest. Upside risk is warranted. VERY TIGHT!!!
- Banks Lost trend line and it could have more downside just from that..
- Transports: #IYT failed at 175.9 fails = Full technical breakdown.
- Mega-Tech Tight and move is coming.
- Biotech: BIG correction happened. Technically in trouble. BIG Trump threat.
- ACTIVE SETUPS: No change in open interest overnight
NOTES:
- S&P e-mini older imp LEVELS
- Recent: 2433ish > 2422ish > 2400 cluster > 2388ish cluster > 2340 ish.
- >2214/19<, 2228, 2250, 2260/68, 2272/2278, 2292/95 (old battle zone), 2313, 2319, 2328+. 2335, 2356, 2363/66S/R, 2371+ to 2379.