Trading the Line

February expiration

Expect usual shenanigans around option expiration. A pull back to 1900 or even a pop to 1950 make sense.

I'm expecting to see some major resistance around the 1940 area, if we get there. (pale blue descending diagonal).
If we can get through there then maybe we can rally up to 2000.

Steve Rushton February 19, 2016No Comments

S&P500 daily update

Are we there yet

Bounce target acheived yesterday, so we could certainly start to see some profit taking.
But secondary target now looking like 1925-1955.

Strength above the support/resistance line is suggestive of further strength. Watch to see if we crack here or next few days (as many seem to expect) or if we can stabilise above the mid channel and power higher.

OSC now on a Buy signal.

Steve Rushton February 18, 2016No Comments

S&P500 daily update

Bounce into expiration

Short term target for this bounce is between 1880 – 1920.
However we did close above the support/resistance line.
First arm of split T structure, and first T structure is Friday.

Do we get a drive upwards into expiration and then a reversal or a sell off?
Magnets at 1950, 1900, 1850, 1800

Steve Rushton February 17, 2016No Comments

S&P500 daily update S&P500 signal

S/T Buy Signal at 1860

Buy Signal in late trade, confirmed by the close.
T volume Oscillator also turns positive.

The 2nd low and oscillator divergence is a potentially good sign suggestive of a possible T structure pointing to March and April highs, maybe even 2025-2050.

However, we can expect significant resistance in the 1870-1920 area.

Watch the ellipse to confirm whether or not we are still in a strong down trend as the alternative suggestion is a target of 1750 – 1620.

Steve Rushton February 13, 2016No Comments

S&P500 daily update

Bounce or die

A bit of interest at the low of 1810. Are we ready to bounce here. $CPCE now suggestive of a low now or soon.

Steve Rushton February 12, 2016No Comments

S&P500 daily update

Much ado about nothing

Nice try but notice the reversal at the Support /resistance line, and therefore failure to set up a Buy Signal yesterday.

Need a close above 1872 to initiate a Buy Signal.

Steve Rushton February 11, 2016No Comments

S&P500 daily update

Grrr

Need to try and stay above 1850.
Notice the T volume oscillator has only just turned negative. Another Sell signal.
This either means we have a lot further down to go – maybe down as far as the MOB at 1730…
or we are setting up divergence for a rally. Needs to start soon.
All indicators are currently negative…

Steve Rushton February 10, 2016No Comments

S&P500 daily update

Hello 1850

With another long spike down below 1850, I guess the question is are we 'done yet'?
Maybe, but watch the rising support/resistance line to see if we get a similar recovery to October last year.

However the fact that we broke that line suggests to me that we are going lower at some point.

Steve Rushton February 9, 2016No Comments

S&P500 daily update

Squeeze

The break from that consolidation pattern was in the expected direction.
Probably going to try and stabilise at this level again.

Still looking for a move to the bollingers and then reverse.

Steve Rushton February 6, 2016No Comments

S&P500 daily update

Setting up a squeeze

Lots of indecision in direction and the bollingers indicating a squeeze is about to occur.
1960s or 1850s, perhaps both just to confuse everyone.

Steve Rushton February 5, 2016No Comments

“Simplicity is the ultimate sophistication.”
Leonardo da Vinci

“Imagination is more important than knowledge”
Albert Einstein

“All of our days are numbered. We can not afford to be idle. To act on a bad idea is better than to not act at all because the worth of the idea never becomes apparent until you do it. Sometimes this idea can be the smallest thing in the world; a little flame that you hunch over and cup with your hand and pray will not be extinguished by all the storm that howls about it. If you can hold on to that flame, great things can be constructed around it; things that are massive and powerful and world changing. All held up by the tiniest of ideas.”
Nick Cave, 20,000 days on Earth

2026 Positions

(All numbers refer to SPX)

S/T BUY Signal at 7586 on 04 June

COVER Signal at 7554 on 03 June

S/T BUY Signal at 7413 on 20 May

COVER Signal at 7411 on 15 May

S/T BUY Signal at 6457 on 31 Mar

COVER Short Signal above 6398 on 31 Mar

S/T SELL Signal at 6543 on 26 Mar

S/T BUY Signal above 6600 at 6620 on 25 Mar

COVER Short Signal above 6567 on 25 Mar

S/T SELL Signal below 6554 on 24 Mar

COVER Short Signal above 6581 on 24 Mar

S/T SELL Signal below 6554 on 24 Mar

COVER Short Signal above 6581 on 24 Mar

S/T SELL Signal below 6554 on 24 Mar

COVER Signal at 6590 on 23 Mar

S/T BUY Signal at 6623 on 23 Mar

COVER Short Signal above 6563 at 6600 on 23 Mar

S/T SELL Signal at 6666 on 18 Mar

COVER Signal at 6693 on 18 Mar

S/T BUY Signal at 6729 on 16 Mar

COVER Short Signal above 6668 at 6698 on 16 Mar

S/T SELL Signal at 6756 on 11 Mar

S/T BUY Signal above 6826 on 10 Mar

COVER Short Signal above 6792 on 10 Mar

S/T SELL Signal at 6765 on 10 Mar

COVER Short Signal above 6772 on 09 Mar

S/T SELL Signal below 6810 on 06 Mar

COVER Short Signal above 6822 on 05 Mar

S/T SELL Signal below 6822 on 05 Mar

COVER Signal below 6849 on 05 Mar

S/T BUY Signal at 6882 on 04 Mar

COVER Short Signal above 6849 on 04 Mar

S/T SELL Signal below 6845 on 03 Mar

COVER Short Signal above 6877 on 02 Mar

S/T SELL Signal below 6850 on 02 Mar

COVER Short Signal above 6857 on 27 Feb

S/T SELL Signal at 6857 on 27 Feb

COVER Signal below 6884 at 6857 on 27 Feb

S/T BUY Signal at 6884 on 23 Feb

COVER Short Signal at 6850 on 23 Feb

S/T SELL Signal at 6837 on 23 Feb

COVER Signal at 6864 on 23 Feb

S/T BUY Signal at 6883 on 18 Feb

COVER Short Signal at 6834 on 17 Feb

S/T SELL Signal at 6888 on 12 Feb

COVER Signal at 6915 on 12 Feb

S/T BUY Signal at 6899 on 06 Feb

COVER Short Signal at 6938 on 06 Feb

S/T SELL Signal at 6901 on 04 Feb

COVER Short Signal at 6915 on 03 Feb

S/T SELL Signal at 6915 on 03 Feb

COVER Signal at 6942 on 03 Feb

S/T BUY Signal at 6968 on 02 Feb

COVER Short Signal at 6938 on 30 Jan

S/T SELL Signal at 6910 on 30 Jan

COVER Signal at 6940 on 30 Jan

S/T BUY Signal at 6934 on 29 Jan

S/T SELL Signal at 6907 on 29 Jan

COVER Signal at 6934 on 29 Jan

S/T BUY Signal above 6905 at 6923 on 22 Jan

COVER Signal at 6849 on 21 Jan

S/T SELL Signal below 6894 at 6843 on 20 Jan

COVER Signal below 6925 at 6843 on 20 Jan

S/T BUY Signal at 6961 on 15 Jan

COVER Signal below 6934 at 6925 on 14 Jan

S/T BUY Signal above 6890 at 6900 on 05 Jan

COVER Short Signal at 6864 on 02 Jan

S/T SELL Signal at 6837 on 02 Jan

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The mind is the spirit’s tear.
The mind is our prior and subsequent ghost.
The mind is the Bullion Express and the blood on the tracks.
The mind is a stone door.
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The mind is neither either nor or.
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