Bitcoin Reaches Its Short Zone, And Mr SPX Waits For A Continuation

Well folks, it’s the last Friday of the month. Could be fun. I don’t think we will see a black Friday situation, despite my best wishes…

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Market Snapshot

The VIX is approaching the year’s lows again. This is not to be read as an expression of confidence, and the index has asked that no inference be drawn from it.

• SPX 7,730.99, up 33.21 (0.43%). The breakout has developed and so has the pullback. Full read below.

• ES 7,733.00, up 23.00 (0.30%). Weird and funky again, gap higher then lower, then back up anyway.

• NazQuack (NQ) 29,635.25. Same funky session as the rest of them.

• Uncle Dow (YM) 53,600, down 127 (0.24%). Sat back under the prior NATHs.

• Uncle Russ (RTY) 3,018.6, up 5.2 (0.17%). Still under 3,068.4.

• Gold 4,654.8, up 7.0 (0.15%). No read today.

• Crude (CL) 83.54, up 1.63 (1.99%). The day’s biggest mover, and no read today.

• VIX 14.50, down 0.72 (4.73%). Back near the lows.

• BTC 80,133.93. Reached the short sale zone. Full read below.

Mr SPX – Little is changing, the breakout has developed and so has the pullback.

The day was a little weird and funky again on the indexes. We did gap higher and then trade lower for the morning as suspected yesterday, but we then saw price push back higher anyway, not quite through the SPX pullback highs. Let’s see what the day brings to end the week.

Anyway, looking at the details, little is changing for SPX. The breakout has developed, as has the pullback, so really just waiting to see if there is a continuation, or something akin to what we are seeing on BTC.

The system is flagging up a bearish setup, but also the notes are saying to leave it, as we have a bullish MACD-v extreme which does currently support the bull breakout potential. Otherwise it’s a mixed setup.

Bearish setup, bullish extreme, and a note telling you to leave it alone. Friday, then.

And given it’s Friday I may just continue to have fun on the lower time frames.

Crypto, BTC – Reached the short sale zone, so now it’s back to waiting.

BTC has reached its short sale zone. The short is filled, so now it’s back to waiting to see if this level holds and prices push lower.

If it does push higher then I’m stopped out, which is the whole point of taking it here. A super low risk area zone.

Time will tell all.

Meme of the Day:

Trade well,

T2 Markets

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