That failure to make new highs for these indexes did finally come into play as these two stayed in a negative bias and just look how those 30 year bonds continue to extend to the upper end of the weekend trade as it keeps drifting closer to the 159.16 high. As I write moving into the 2nd half of today, it looks like new lows are on the radar and I would expect the daily pivot / downside # prices will get looked at, but note the Nasdaq almost achieved that area with a low of 4131.25, which could see further erosion to its weekend low of 4107.50.
The Nasdaq made new lows earlier after rejecting its opening tic, last high 4189.00, low 4136.25. A bounce to a high of 4169.00 held its pivotal price spot on which in turn found new lows at 4131.25. It found a double top prints at 4152.75 / 4153.00 as last highs which in turn held the early short value, 4155.00, low of 4153.50 that led to its retest failure high. Acting weaker of the two does have the charts looking for the 4127.00 price for stops triggering a move to lower ground as it would more than likely look for the long value price of 4114.00 as a level to hold in front of that weekend low. However, if that daily pivot to the 4127.00 area can stand firm, it would need to find the 4153.50 price to have any chance at turning the corner. The charts keep looking for a trend lower, but that could change heading late in the day.
The s&p found new lows at 1876.00, a level that held Fridays settle price, 1875.00 at first asking. A move to a high at 1889.50 followed with new lows currently at 1873.50. A bounce found a lower high at 1882.00 as it looks ready to test todays # price 1869.20 / daily pivot 1868.70. I being a huge favorite of the daily pivots levels on a day to day basis will look to long if seen, but due to the negative bias will be on my toes if the rotation skips in a heartbeat as it takes aim at the weekend low 1859.75. My line in the sand is the long value price 1865.00, which is all the risk if it decides to “pivot” the daily pivot for lower ground.
Overall these index futures as still in a correction phase and are more suspect to finding new lows.
The bonds after finding a last low at 158.16, which in turn never got close to its opening tic 158.12 followed with a high at 158.31. Pounding on the door at a last low of 158.24 is a late turn price moving into the 2nd half of today. From that low it retested Fridays settle price of 159.04 and much like the Nasdaq found a reverse idea when holding its pivotal price spot on 158.29 as its last low which in turn led to new highs at 159.12. Decision time moving forward and if it finds the weekend high 159.16, it could look for stops triggering a move to higher ground targeting last weeks / contract high of 159.24.
Overall one must pay heed to a late momentum switch which could be found around the 2:20-2:30 p.m. time frame and if one is seen, get out that surf board and ride the directional wave.
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