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The futures did NOT pullback last night and allow the MACD's to get oversold and pointing back up. Instead we see a sideways bull flag with the MACD's dipping down into the positive 2-3 range and trying to turn back up. This suggests that any rally up from the Fed minutes won't have much strength and should fail shortly there afterwards.

Meaning it would just be a short squeeze and NO new buying from excited bulls going long expecting higher levels as a result of something the Fed said. To me it lowers the expected high. Many are expecting 2030-2040, but I don't think we'll get it now. Charts look too weak now. The triple top level from that horizontal trend line is at 1983 on this ES Futures chart. It's 1988-1992 on the SPX and 199.47 on the SPY. While we could pop through it on some short squeeze right after the FOMC meeting I don't see much more then 2000.

Yesterday we broke out of the triangle and started a slow grind higher, and while I would have liked to have seen a strong push up that I could hve traded with a long I just didn't see it appear in the charts. So anyone going long yesterday and still long should be looking to exit near the tripple top area today as I'm NO longer looking for a strong move up to appear. It's appearing more and more like we'll be going into the Fed meeting topping out instead of a bottoming area that we might have seen a strong move up after them saying something the marked liked.

Next week is bearish so I'll be looking for shorts today, tomorrow and Friday. While there's still a chance that they will close the SPY at 200 on Friday to make all those puts expire worthless I'm not banking on it and want to have a least a 1/3rd or 1/4th short position today, and add on Thursday. Just know that the Feds can still get a short squeeze going that might shake out some early bears taking a position today. But I fully expect a retest of the 1867 SPX low within the next 2 weeks. so a little shakeout doesn't scare me.

More in this category: ES Futures – Afternoon Update Tuesday September 22, 2015 » ES Futures – Morning Update Tuesday September 22, 2015 » VIX – Morning Update Monday September 21, 2015 » ES Futures – Morning Update Monday September 21, 2015 » ES Futures Morning Update – Friday September 18, 2015 » ES Futures Afternoon Update – Wednesday September 15, 2015 » ES Futures Morning Update – Tuesday September 15, 2015 » ES Futures Morning Update – Monday September 14, 2015 » SPY Afternoon Update – Friday September 11, 2015 » ES Futures Afternoon Update – Friday September 11, 2015 » ES Futures Morning Update – Friday September 11, 2015 » SPY Afternoon Update – Thursday September 10, 2015 » SPY Afternoon Update – Thursday September 10, 2015 » SPY Afternoon Update – Thursday September 10, 2015 » SPX S&P 500 Index-Afternoon Update Thursday September-10-2015 » SPY Midmorning Update – Thursday September 10, 2015 » ES Futures – Morning Update Thursday-September-10-2015 » ES Futures – Morning Update Wednesday September 9, 2015 » SPX S&P 500 Index– End of Day Update Tuesday September 8, 2015 » SPX S&P 500 Index– Afternoon Update Tuesday September 8, 2015 » IWM– Afternoon Update September-8-2015 » ES Futures – Morning Update Monday September 7, 2015 » SPX S&P 500 Index– End of Day Update Thursday September-4-2015 » ES Futures – Afternoon Update Friday September 4, 2015 » IWM ISHARES RUSSELL 2000 ETF Afternoon Update-September 3-2015 » ES Futures – Afternoon Update Thursday September 3-2015 » SPX S&P 500 Index– Morning Update Thursday September 3, 2015 » ES Futures – Morning Update Thursday September 3, 2015 » VIX VOLATILITY S&P 500 Afternoon Update – September 2, 2015 » ES Futures – Morning Update Wednesday September-2-2015 » ES Futures – Afternoon Update September 1- 2015 » ES Futures – Morning Update September 1, 2015 » ES Futures – Morning Update Tuesday September 1 2015 » VIX VOLATILITY S&P 500 Morning Update – August 31- 2015 » ES Futures – Morning Update August 31, 2015 » ES Futures – Afternoon Update for August 27th 2015 »
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