S&P500 futures, Nasdaq futures and Dow futures all slipped below the Thursday evening lows, market on close (MOC). The S&P500 tagged a low of 4362.00 (+/-) before recovering all of those lossess this morning. S&P futures are currently positive (+6.75) handles, Nasdaq (+8.00).
Summary
S&P500 Drawdown
S&P500 has printed a drawdown of (-5.0%) thus far, with potential weakness still possible. Note where the “new” put spread for the “JPM collar” resides. They sold the 4505 calls, so we assume that is the top for Q4 unless something changes during earnings. Click the chart to enlarge.
S&P500 shows bearish momentum is in control. MACD shows no signs of turning; neither does RSI. If the indices cannot muster much needed “buying/strength” into October, lower prices might be in order, at least that is what the JPM collar suggests.
S&P500 “Anchored VWAP”
S&P500 “anchored VWAP” shows price action for January, March, May and the July the lows when price tested the 50d moving average and recovered. Click to enlarge.
January VWAP
March VWAP
May VWAP
July VWAP
The above “anchored VWAP” charts are for reference over the next couple of weeks, as earnings season starts. They are not targets, atleast not yet.
Join us today in the trading room for our LIVE broadcast during market hours, as we navigate the current environment. Watch, listen, and trade from 9:20 AM to 4:15 PM Monday through Friday.
Happy Trading,
Vinny
Considering joining us as a member? Check details here