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SP Futures Hourly Chart

This article was originally posted at Jesse’s Café Américain yesterday.

SP Futures Hourly Chart Updated at 3 PM

Jeese's Cafe AmericainCourtesy of Jesse’s Café Américain

See why we put *IF* the neckline is broken on that potential H&S top?

Goldman, Wall Street and their friends in government and the media came out swinging this morning. The SP futures took off from the neckline on some fairly thin rationales, but good enough for an end of month paint job.

This is starting to feel like a real top being formed, with the Wall Street crowd and their demimonde out with the pom poms trying to cheer the institutions and smaller investors with end of month 401k money into the market to buy them out of this anemic rally near a high note.

If you are long or hedged as we are in a paired trade then you are doing all right for a choppy market, and if you are short your timing is probably a little ahead of the market at least, and you are feeding the machine. If you are long and strong, well then, good luck to you.

Be careful. For the longer term this rally appears to be just business as usual into the end of the month with insiders selling vigorously and with a few of the Wall Street crowd front running it with positional and inside information on every turn.

As a reminder watch the VIX and the NDX futures, and perhaps a broader index or two, as well as the SP 500 since those futures are the paintbrush most highly favored by the tape painters.

GDP tomorrow. Who can tell how it will turn out, except to say it will likely be revised. We’ll ignore the headline and look more deeply into the numbers.

S&P futures

 


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