The 3C charts of ES and NQ are both deteriorating for the first time this afternoon, at the same time the EUR/USD is falling. Today's dip and then rip would have knocked out a lot of stops, but was that all there was to it with today forming a bullish engulfing day? Had I not seen other things and known other things I might take that bullish engulfing daily candle for just that, but as I said earlier, "I'm not buying it" and there's one tiny little detail I forgot about today, it's the 28th of the month which means it's the last day for trades to be executed and settled for the month; typically more important at quarter's end, but window dressing is always there, even on a monthly basis.
In any case, there's more going on than meets the eye, Credit sold off right in to the close after hanging with the SPX all day, something is definitely fishy.
I'm still looking in to charts and scans, etc., but make no mistake, 3C for NASDAQ and S&P futures is deteriorating significantly compared to the normal session.
Is interest rates about to start going up?
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Yes, I know - it does not make any sense - FED is about to cut
rates...but....real world interest rates are not always what FED wants it
to be.
5 years ago
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