US Futures are up about 1/2 a point on average across the indexes as the Nikkei is up about 1% today during intraday trading.
I will be watching the indexes carefully today and the rest of this week to see if we get a close below the 50sma. If we do get a close, that would be a confirmation for a short term change in the trend and possible retest of the recent lows on the SPY and the QQQs. With lots of big shot market ballerz calling for a 10 – 25% correction in the markets, we might be getting closer to fulfilling that prophecy. One thing is for sure, it feels like we are getting closer to some sort of resolution for this shitty undirectional sideways movement we have been in for most of the year.
The 50sma on the SPY sits at 186.69. A close below this and we could see an initial drop towards 184, then 181ish.
The QQQs 50sma holding at 87.56. Right now it looks like the Nasdaq has formed a bear flag and is prepped for a move lower.
Let see how it plays out!!