Good morning,
While the House passed the tax portion of the drama (mostly tax hikes as the 2 year payroll tax cut expired), they did not address the Sequester, they skipped Government spending cuts and perhaps most importantly the debt ceiling.
Futures reacted the way we expected and are showing initial signs of how we expect them to behave even though Index Futures have only been open a little less than 2 hours.
ES (SPX Futures) show a late Friday relative negative divergence, that continued on the open of Futures trade this morning on a 1 min chart, so it looks like there will be a pop and a quick reversal, how quick the reversal is hard to say. This may be some early volatility at first without a reversal or it may continue to worsen on the 3C chart.
The stronger 15 min chart is still in line and still healthy so it will be a matter of what that 1 min chart does, falls apart or holds in place and then what this 15 min chart does.
NQ (NASDAQ Futures) look exactly the same, 1 min above and 15 min below.
NQ 15
As we expected last night, the EUR/USD was telegraphing higher prices this morning, but it's seen a little dip as well recently.
I have to get to the Dr.'s appointment, I should be back pre-,market, but we just need to be aware of what I posted last night and keep an eye on the situation as it is what we expected thus far.
No comments:
Post a Comment