We opened the session with early selling after the overnight session took us to bull market highs. I am watching closely to see if how the buying and selling sentiment develop in the near term, to see if we can stay above overnight support around 1144 in the June ES futures. A move back into the range from 3/10 to 3/11 would constitute a failed breakout and would be consistent with the notion of a topping market. Note how we've already seen momentum top out in the Demand/Supply numbers. We also saw fewer 20-day highs yesterday despite the late move to price highs.
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8 comments:
Hi Brett,
With all respect wouldnt some of this be a little skewed due to the Roll?
Cheers
Hi Brett,
Taking into account the Roll does this not change your outlook on levels and indicators?
Thanks
Hi Ed,
Demand and Supply in the stock market are what they are, regardless of roll in futures contracts. NYSE TICK is quite weak and we've rejected price highs; that targeted a move back into the prior price range.
Brett
In my opinion sentiment of this two readers is an indicator of extreme bullishness at the highs. Is a legitimate great failed breakout pattern...so far. Let's see how we close.
Hi
Could you do further explanation about
"momentum top out in the Demand/Supply numbers"
thx
Oh, I was refering to your statement where u said
"Note how we've already seen momentum top out in the Demand/Supply number"
Hi Adrian,
Supply has exceeded Demand lately despite new price highs. The data are posted each AM via Twitter--
Brett
Hi Dr. Brett,
Mkt today basically opened at the high and then traded rangebound for the remainder of the day. Were you confident that the mkt would remain rangebound before the range was established today? Or is that a determination that can only be made after the fact? Thank you very much for your insight and time (in advance).
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