Minimum expectation met of a marginal new low. Taking profits here. 1.5660 - 1.5190 (470 bps) GBP/USD 30m

What has struck me about this equities rally has been the ability for the overnight traders to push the markets higher through resistance while the day session consolidates and digests those gains. This means the 24 hour ES Futures market has a much clearer structure than the cash markets at this point in time (which […]

The bears dropped the ball yesterday as the bulls stopped me out of my remaining ES shorts at 1588. Given I was short at 1645 and had taken half profits at 1570, I'm happy to take +66 pts out of the market for this move. When in doubt, get out! I warned yesterday that for […]

Not much to report today so I'll keep it brief. Both the bull & bear counts are alive and well which makes this juncture a little frustrating. Bigger picture levels of 1600 and 1560 are the ones to watch for potential changes in momentum. Yesterday I warned that "ES - in the unlikely event that […]

Well, the weekend update was right on the money with a nice gap and run lower in global equity markets. I suspect today's afternoon rally will be fully retraced as we stair-step our way lower. The bulls can take comfort by the fact that the SPX and DJIA achieved their measured downside objectives for a […]