Good afternoon O$ members!
We’ve been trading sideways all week below ES 4180 and above 4100. Yesterday we finally started to break down through that 4100 level of support and we dropped all the way to the next level of demand/support at 1070. The two put plays we entered last week hit 115% and 33% today, but since they don’t expire for a few more weeks, and we reached 4100 which switched to supply/resistance, I didn’t issue an exit alert. The bullish case is still weak despite the last hour of buying. I need to examine what happens Sunday night with futures and Monday morning. If the 4100 level caps the market again, then we may be dropping back down to the 4060 level again.
Apple and Tesla have been holding up the markets the past few days, but now that some of the key quarterly earnings have past, and Apple and Tesla buying has slowed, this could signal a less bullish overall market.
We have the next CPI (Consumer Price Index) report released Tues 2/14 and the PPI (Producer Price Index) on Thurs 2/16. These reports have had significant sway on moving the markets.
Since the last update (for free members), we had alerts (for paid members) and took gains of 32%, 216%, and 73%.
Can’t wait for next week!