S&P 500 Futures Are Lower to Start The Day – Buyer Beware
Buyer Beware. This is an update to the weekend video, as futures are starting off the week lower in the early session. We need to be careful on initiating positions until the Opening Range is complete. We’ll wait until are 10:30 AM unless stocks on the watchlist that were showing relative strength last week continue on their merry way.
S&P 500 – SPY Daily
Price action is hovering near the 5min, 240e at 265.00 (+/-) for the past 90 minutes. SPY is presently holding above the pivots from late November and early December. A loss of this area would signal a potential new leg down. Breadth indicators are Miami hot.
We planned for this potential leg down over the last week, taking profits into strength.
If price action does begin lower lows on the 60-minute chart, we’ll hedge with puts and/or SQQQ, SDOW, DOG or SPXU.
If price action holds this area, we’ll update during the trading day LIVE, using the thoughts from the weekend video as a reference.
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