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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 22 JANUARY: | ASX up 1.3pc in huge week for Zip, Lynas | iCandy looks to double up in Chinese gaming market with Rocky Rampage launch |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 22 JANUARY: | ASX to fall, Apple lifts Wall Street | The tests ASX healthcare companies have upcoming in 2021 |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 21 JANUARY: | ASX gains 0.8pc | Greenhouse study shows AVZ Minerals could achieve lowest carbon footprint at Manono lithium-tin project |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 21 JANUARY: | ASX to rise | Eco-fibre play Nanollose leads ASX healthcare sector with 292% gain |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 20 JANUARY: | ASX hits 11 month high | China shares rise on c.bank’s liquidity boost; EV, healthcare stocks shine |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 20 JANUARY: | ASX to rise | 3 cannabis players discuss how to view the sector through a biotech lens |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 19 JANUARY: | ASX rises 1pc | US eyes Australian market as cannabis investment fund takes stake in Lifespot Health |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 19 JANUARY: | ASX to rise, $A eases amid greenback surge | Battery sector cries out for more graphite as shortfall looms |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 18 JANUARY: | ASX sheds 0.8pc | Tietto Minerals appoints COO to drive development of Abujar gold project | China, Hong Kong stocks climb on upbeat GDP data |

    Trending Tags

    • FEEDID-6
    • FEEDID-51
    • FEEDID-44
    • FEEDID-31
    • FEEDID-21
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    • FEEDID-10
    • feedid-56
    • feedid-58
    • feedid-61
    • feedid-59
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    • feedid-63
    • feedid-65
    • feedid-66
  • Charts

    The Cotton Row Journal, week of 18-22 Jan

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 22 JANUARY: | ASX up 1.3pc in huge week for Zip, Lynas | iCandy looks to double up in Chinese gaming market with Rocky Rampage launch |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 22 JANUARY: | ASX to fall, Apple lifts Wall Street | The tests ASX healthcare companies have upcoming in 2021 |

    The Cotton Row Journal, week of 18-22 Jan

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 21 JANUARY: | ASX gains 0.8pc | Greenhouse study shows AVZ Minerals could achieve lowest carbon footprint at Manono lithium-tin project |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 21 JANUARY: | ASX to rise | Eco-fibre play Nanollose leads ASX healthcare sector with 292% gain |

    The Cotton Row Journal, week of 18-22 Jan

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    • Market Recap
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    Chart of the Day: Coming Up (Smaller Companies Rally)

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    Danny’s Links: January 22nd 2020

    OP: Missing the Mark

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    OP: Missing the Mark

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    S&P 500 repurchasers return to favor as Netflix looks at joining them

    S&P 500 repurchasers return to favor as Netflix looks at joining them

    OP: Wall Street Welcomes Biden

    OP: Wall Street Welcomes Biden

    links

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    Washington Post: 900,000 filed for jobless claims last week, a historically high level as Biden inherits worst job market of any modern president

    OP: Wall Street Welcomes Biden

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    GMTT / Chart of the day / Apple / Oct 27, 2020

    GMTT / Chart of the day / Apple / Oct 27, 2020

    NASDOG.com: Corn, What Changed Today?

    NASDOG.com: Corn, What Changed Today?

    NASDOG.com: Stocks Getting Serious; Quick Word on Beans

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    NASDOG.com: Full For a Bull

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Home Commentary MrTopStep

Overbought S&P may sell off more

Danny Riley by Danny Riley
Friday, August 16, 2013
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Overbought S&P may sell off more
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ES 09-13 (1 Min)  8_7_2013The Asian markets closed mostly lower and Europe is following suit. Yesterday saw lower prices — no surprise there. Over the last few weeks we pointed out where the stops were in the S&P from 1699 to 1706. The contract high was 1705.

After the algorithms ran the buy stops above 1700, the sell stops started building up. After the open the ESU fell into sell program levels and stayed that way until it made its low at 1685.25.

While the S&P futures did bounce, there was not a lot of buying attached to it. It’s clear to see the S&P is overbought, overextended, and overdue for a pullback.

Yesterday was a great example of how the algos can search out stops even in a thin market. Once the ESU lost premium and started trading at sell program levels, the algos did the rest of the driving. With so many stops below, sell programs ruled the day.

Yes, there was a late-day bounce (Goldman bought 300 SPUs and Morgan Stanley Smith Barney sold 400), but I am not sure the selloff is over.

As always, keep an eye on the 10-handle rule and please use stops when trading futures and options.

  • It’s 7:15a.m. and the ESU is trading down 5.5 handles at 1688.50, crude is down 13 cents at 105.17 and the EC is trading 1.3305, down 2 pips.
  • In Asia, 9 out of 11 markets closed lower: Shanghai Comp. down 0.67%, Hang Seng down 1.53%, Nikkei down 4.00%.
  • In Europe, 8 out of 12 markets are trading lower: DAX down 0.37%, FTSE down 0.80%.
  • Morning headline: ‘Taper Talk Sends Global Markets Down, Dollar Down”
  • Total volume: LOW 1.27mil ESU and 4k SPU traded
  • Economic calendar: MBA purchase apps, Gallup U.S. Job Creation index, API, 10-year note auction, consumer credit, Sandra Pianalto speaks
  • MrTopStep Closing Print Video: http://mrtopstep.com/2013/08/mrtopstep-closing-print-08-06-2013/
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