“risks not extraordinarily high…” – we are above last weeks highs and have a gap below.
1575/80 ES opens on a close over 2555.75 otherwise we close 2553.50ish and progap and go Monday.
It’s been the pattern with Mondays… easy Cheat and further squeeze. Janet Yellen tee’s up Sunday afternoon prior to open…
The Bid remains extremely strong… closing basis – always.
New to the message tracks over the past few days is the increasing din of “Extended Markets” and “Expensive” – two traits no Bull wants to hear…
With Buyers hovering at the SELL F12…
It’s going to be an interesting close to the month of October.
There are a great many gaps below.
Inventory numbers will be out @ 10:30 EST ~ 50 minute time.
The way the tape has traded all week it seems the ESF/FED are concerned about this market running away on foreign inflows while US Banks park capital outside the US…
Yellen speaks on Sunday… suspect there is a surprise within her remarks.
A retracement is pending, a larger one that will provide opportunity when this market finally congests and lift’s off.
For now, it’s looking s great deal like we’ll be heading down into November/December – perhaps we make a new high, perhaps not… it’s not looking healthy for the Bulls.
Gold has been bid heavily since last Friday, there remains a firm hand under the market.
Pullbacks are to be expected – 1272.25 remains an important area. We did not see price dip-in to the 1240s – ideally 1246…
Silver has been outperfroming Gold – an excellent sign. The bid under Silver remains extremely strong.
Targets – barring a break of support, are north of 1400 for gold and 20 for silver.
The Minutes with CPI and Gold breaks daily resistance – target 1401.80.
Sitting today out and watching how it all behaves as it’s Monday.
1575/1580 is the ES target for the week – 22912 for the YM.
Gaps remain – correction ahead imho.
Both the ES & YM have been steadily creeping up on light volume.
A number of spec shorts entered well below 22700…
Will be an interesting close.