Bearish

They could not hold 916.50 even for a second. The volume was much larger to the sell side, especially after the nine o'clock data came out. I am bearish for the rest of the day. Look at the chart for areas of support on the way down. I will be selling rallies up to and into the single tics. Watch for big sell orders on the cash close.

End of The Month

I am using 916.50 the monthly open as my pivot today. I am bullish above and bearish below. Look at the chart for my support and resistance levels. I will be a seller to the short at 932.50.

Neutral

I am using 916.50 the monthly open as my pivot the next two days. I am bullish above and bearish below. Look at the chart for my support and resistance levels.

Slightly Bearish

We cannot stay above the open for the month at 916.50. If we stay below that area we should retrace yesterdays trade. I am selling rallies until they get above 916.50. Above the market I have resistance at 926.25 and 932.50-934.75. Below I am not a buyer until 883.50.

Bullish

We are rallying today with average volume. We held 916.50 which is where the month opened. I believe that 916.50 is the pivot for the day. Above I have resistance at 926.25 and 934.75. Below I have support at 908.75 then 896.00.

Gap Lower with Single Tics

We are gapping lower today with single tics above from 893.75-895.75. If we don't fill those in, we should trade down to 878.00. My next support after that is 870.75. I am selling rallies up to and in the single tics. If we get above the single tics we should fill the gap (898.00).

FOMC

With today being the FOMC meeting I am not looking for any technicals to be working to well this morning. I am still bearish, but not taking on any short positions until I see how the market reacts after this number. I have support below at 870.75 below and resistance above at 911.50. We also have single tics that have not been filled in yet from 902.00-904.75. If those do not get filled today I will be looking for 870.75 within the next day or so. On the flipside, if they get filled I am looking for 911.50 to be tested.

Gap Higher with Single tics above

I am still selling rallies because we left single tics from yesterdays range and the 200 day m.a. is pointing down at 886.50.

Single Tics

Now that we have come close to hitting the 200 day m.a. (888.50) I am cautious about being short down here. I am still bearish unless the volume picks up on the upside. We have left single tics the whole way down today which leads me to believe that we keep breaking. Just being careful of any short covering rallies late in the day.

Gap Lower

The trade is now turning bearish to me. We have failed at the 20 and 10 m.a.'s, so I am looking for the market to trade down to the 200 day m.a. in the mini at 888.50. I also have a support area at 894.50 that might show some short term support. I am selling rallies as long as the market stays below 925.00. Use short term charts to trade right now. Selling m.a.'s above the market. Don't be afraid to press, now that they have failed at the 20 and 10 day m.a.'s.

Quadruple Withching

So far we are opening higher this morning. I have resistance at 923.50 and 933.75. My support levels are 915.50-914.00 and then 899.00 with 892.50 as my big support area. Look for some volatility before the open this morning. I have no bias as to direction today, just scalping.

Slow and Choppy

We are spending alot of time around the 915.50 area. Which ever way we start to go from here go with it. Above I have resistance at 922.50 and support below at 910.50 and 899.50. Just waiting patiently to see where volume comes in and takes us. If anything does happen at all. Tomorrow is quadruple witching so I do expect some interest. Watch where the volume comes in above or below 915.50 to choose your direction. Trade small with tight stops.

We have now held the 200 day m.a. in the cash(906.04). You might see some buyers come in and see if they can take the market up now. Be careful selling rallies. I am buying dips until that 200 day is broken. Look above the market for 915.50 to be my first place of resistance.

Opening on Support

The market is acting like it wants to continue lower into Friday's expiration. I have 894.50-892.50 as support now. I will be a buyer down in that area looking for somewhat of spike back up. I am still selling rallies, but not as aggressive. I will keep selling rallies unless the market violates 915.50 or I see buying with significant volume. If we hold 915.50 we should trade down to my support area.

Leaving Single Tics

We are now leaving single tics in todays range. If they fail to fill those single tics in we should continue to break testing support at 905.00. If that fails I am looking for the market to test the 200 day m.a. in the mini at 897.00. Selling rallies in front of and into single tics.

Gap Higher

We are opening slightly higher while still staying below my resistance at 925.00-927.00. The trade seems as though it will remain slow and choppy. I am still looking to sell rallies unless volume picks up on the upside. My next resistance is 934.50 so if they get above 927.00 we could see a move up to that area. My downside is support is 905.00. My support and resistance is very wide now due to us trading these prices so much. I am selling rallies on my short term charts.

Staying Bearish

We have been holding my support at 917.00. If that gets violated we should trade down to 913.25. If that does not hold look for the market to trade down to 909.00-907.00 where the bulls will ultimately be tested. Failure at the 909-907 area should result in a big break down to the 200 day m.a. in the mini at 897.00. Use the old resistance as support now looking to the upside for the 925-927 area to hold as resistance. I am still a bear selling rallies with my short term m.a.'s and other technicals.

Opening Lower

There was light sellling into the close on Fri. which continued with the overnight trade. They held my support overnight at 927.00. If they get below 925.00 I see the market trading down to 919.00-917.00. I am still selling rallies leaning on Friday's high at 942.75.

Gap Lower

We are opening lower today after some late day selling yesterday. I have resistance above at 941.50 and also at 937.50. I looking to sell rallies infront of the gap(938.25). Look for the trade to remain choppy with a downward bias. I have support on the downside at 927.00-925.00. If that gets violated I believe we should trade down to 919.00.

End of Day Selling

Today ended up on a downward note. I believe that the sell off was due to the market being overbought and the XLF hitting its 200 day m.a. and breaking. Very choppy day. They came up short of my 960.00 in the mini. I still believe that we will hit that area but if they don't then I believe the market will start heading down rather quickly.

Buying on Open

All of the volume came in on the buy side today. We have an upside down head and shoulders on the 60 min. mini. I think that we might see my 960.00 area now. I am buying breaks all day today unless they take out opening range at 937.00. I am also bullish because they held the 10 day m.a. in the mini.

Selling,Selling,Selling

They have been selling the market down all day. They have now violated my support at 932.00. Look for the selling to continue down to 920.75-918.75. We left single tics above from 933.25-935.75 so I am Selling rallies until they are taken out.

Gap Higher

We are gapping higher with single tics below. Since we have been range trading we will probably fill in the single tics down below. I have resistance above at 962.25 and support below at 932.00. Still a scalp trade until they get to my prices.

Trading Range

The end of the day was just like the open. We had a rally that they sold into. The rollover is keeping us in a tight range. I am just a scalper right now with no bias until the rollover is finished. Trading small with tight stops.

Choppy

I had resistance this morning at 945.00 that held very well. I also had support at 936.00 that is holding. Today is a scalp trade with no bias to either side. My next support is 930.50 and next resistance is 950.00. Still keeping an eye on the 200 day m.a.'s.

Afternoon Rally

We held the 10 day m.a. at 925.00 coming up just short at 925.50 which was very bullish for the market.  They blew through any resistance that I had at 937.25-939.25 and kept going up to 947.00 and testing friday afternoon highs.  There was some selling up there.  Probably because it was slightly overbought, but overall we high volume in this rally giving the bulls just what they want.  Look to see more big moves this week with rollover in full effect.  

Gap Down on Open

We are leaving an upside gap so far today. Opening range is pretty much the high of the day. I am a seller all day unless we hold the 10 day m.a. at 925.00. I am selling rallies in front of resistance above at 937.25-939.25. My next support is down at 914.75-91275 below the 200 day moving average in the cash (918.27). I will be watching that 200 day very closely to see how it trades down there.

How Rumors Change The Market

With the rumors flying around about numbers in question, I am staying on the outsides.  They already reached one of my support areas at 936.00.  They traded through and then rallied back up with decent volume.  So now I wait to see what they do.  I am still selling rallies because most of the volume is to the downside.  If the market stays in an uptrend I will rethink my approach.  My next big areas are 962.00 to the upside and 927.50 to the downside.  Keep in mind that when I am sellilng rallies, I am selling at short term moving averages and getting out with small profits.  This morning I held shorts because they held my price at 956.50.  But when they hit my downside target(936.00) I am now selling rallies with tight stops and small profits using short term charts.

Unemployment report in question?

There is market chatter than non-farm data was an error.  

Unemployment Rally

The numbers on unemployment are bad but they were better than expectations.  Thats how they start, by making bad numbers look good.  I have 956.50 as an area to hold this morning.  If they get above that I have 962.00.  I am looking to sell short in front of those prices.  To the downside, I have my moving averages all pointing up to get out of shorts and scalp to the long side.  I am not convinced that I should be buying breaks establishing positions.  I am looking to establish most of my positions to the short side unless we violate my upside resistance.  I am looking for the market to trade down to 936.00.  If 962.00 gets violated I believe that you should see a blow off rally to the upside with high volume.  This day will be high volatility so keep your stops a little wider.

Slightly Higher Open

Today I am looking for a choppy day.  Tomorrow is unemployment, so I do not see much happening.  I will be looking to sell rallies this morning leaning on the gap we left yesterday at 942.50 and buying dips leaning on yesterdays low at 922.50.  Basically just being a scalper with no bias. 

Held The 200 Day M.A.

The market showed the shorts that the bull run might not be over.  We attempted to take out the 200 day m.a. in the cash and failed.  The market then took off to the upside getting the shorts out.  We will have to wait and see what tomorrow brings, but I think that the shorts will try to push the market down again knowing we will be in a trading range until the unemployment numbers on friday morning.  

Midday Comments

We have now went through the single tics that I pointed out earlier.  The charts are looking more bearish and selling volume has picked up.  They now look like they want to test the monthly low at 916.50.  The flipside is that the 200 day m.a. in cash(923.27) is still holding, so until that is broken I am cautious on being short down here.  I am doing nothing now until the close.  If the 200 day is still holding going into the close I will turn into a buyer again.

Opening Lower

The ADP numbers were not that appealing to the market this morning.  We are still waiting for the Friday unemployment numbers.  Since there was a little selling on the close yesterday I expect it to continue into today.  Volume is light so stay small.  I am  now looking to sell rallies unless volume picks up or we take out yesterdays high.  Look for early morning support around 931.00 in the futures. If that does not hold look for the market to fill in single tics from 927.00-925.25. 

Light Selling

There was some light selling on the close with no real volume or follow through.  The look remains bullish going into tomorrow unless the overnight trade tells us differently.  The market seems to be very content here on the highs.  Which leads me to believe that we are still going higher.  I am waiting to see if they can shake out more shorts.  I also feel that the trade right now is very tricky and very risky.  Continue to trade small and take little profits until we have some blow off days to get people out on either side of the market.

Holding Opening Range and Settlement

As you can see in the chart below we are still holding opening range at 939.50.  Continue to buy dips at m.a.'s.

Midday Comments

As expected we rallied again.  The market seems to be comfortable in this area.  Look for a late afternoon pop if we continue to hold settlement.  Volatility is low so I am still scalping small positions on the long side.  If they get below opening range (939.50) look for 934.50- 932.25 to be the next test.  

Unchanged opening

No one knows what to do right now.  We are opening unchanged.  The look is still bullish.  Just scalping on the long side until they break the 200 day m.a. or hit 960.00 in the futures.  We are also waiting for the data on US pending home sales to come out at 9:00 cst.

End of Day Nonsense

The day ended with high volatility leaning on the sell side.  Just guys that are doing stuff in the roll and 1st day of month orders.  Everything still points at 960.00 in futures.  We are in bullish limbo until we hit 960.00 or get back below the famous 200 day m.a. in the cash which is now 92688.  Trade small with tight stops.

Slow Grind

The numbers today were better than expected to help boost the market up even higher.  We took out the high of the year in the cash at 94385.  Now we continue to buy dips until they prove us wrong.  I still have an upside target of 96000 in the futures.  Until they hit that number or break back below the 200 day in the cash keep buying dips.  I use my short term charts to determine good buying opportunities.

Crossover Day

Today we are crossing over the 200 day m.a.  So much for being short in the 920's.  The joint venture between citi and morgan stanley changed the day.  If the market stays above the 200 m.a. in the cash we grind up to 96000 in the futures.  Basically keep buying dips.  If they can't hold the m.a. then we should fill in the single tics we left below on Friday from 91625-91375.  Then wait to see if any retest on the 200 day m.a.