The S&P Is Juggling a Chainsaw Over the Grand Canyon. I’m Just Waiting for the Clown Car.

I still can’t shake the sneaking feeling that the bear is yet to fully reveal itself.

The canary in the coal mine is RUT and Dow, just haven’t finished falling, the market sentiment continues to also push lower.

The safety review of the act has been completed. It runs to 1 word, and the word is not yes.

Sleepy Uncles Dow and Russell appear to be bear rumblings still that no one seems to be paying attention to while all eyes are on the S&P and Naz while they do a stock market equivalent of a tightrope walk, over the Grand Canyon, blindfolded, while juggling a combination of a chainsaw and a cannon ball and an apple.

…I’m just waiting for the clown car to appear.

Market Snapshot

Red across all 4 index futures this morning. Crude, gold and the VIX are the green ones.

• ES 7,822.50, -0.35%. Off the NATHs line.

• NazQuack 31,215.50, -0.59%. Off the NATHs line too.

• Uncle Dow 51,081, -0.66%. 3,803 points under his high. The family insists he is only resting his eyes.

• Uncle Russ 2,789.5, -0.81%. 290 points under his high, and the weakest of the 4 this morning.

• VIX 15.68, +4.05%. Up, and still under the 16 line.

• Gold 4,151.1, +0.35%. Green on a red morning.

• Crude Oil 91.95, +3.38%. More below.

• Bitcoin 82,811.98, -0.56%. More below.

SPX – Clear highs and a very solid looking range.

SPX looks interesting at the clear highs and a very solid looking range.

Price above the 7850 level and we will have a breakout and a run for 8000.

Below 7800 and it’s a run for the range lows around 7600.

Overnight the futures are tapering off, off around 25/30 points.

Above 7850, a run for 8000. Below 7800, the range lows.

Crude Oil – Keeps pushing around the same $90 zone.

Crude has now been to $90 so often it has its own mug in the cupboard.

Crude oil keeps pushing around the same $90 zone and a push above $93 could see price get to the range highs around $97.

$93 being the current descending bear VWAP.

A push above $93 and it’s the range highs.

Bitcoin – Also still in the range.

Bitcoin has been flirting with a breakout for so long the breakout has asked where this is going.

BTC also still in the range, and flirting with a breakout although not confirmed yet the same thing that’s already happening should continue, so a push back to the range highs is most likely and below $82,000 for the bear breakout.

Range highs most likely. Below $82,000, the bear breakout.

Premium Poppers and Wall of Wins – “The mental game is the hardest part!”

James D., looking back at Tuesday: “So, my lesson from yesterday is trust the system! My bear bias was so strong I didn’t take any of the SPX PPs but as @Steve R showed a triple dip would have resulted in 3 winners. I did take the RUT PP but I panicked on the reversal and bailed out for a 55%ish loss, if I’d held would have been a winner at EOD!”

Zach: “The mental game is the hardest part!”

Don E.: “closed RUT LP for 45%”

Bill S.: “closed RUT at 40%”

A formal application has been lodged to have a phrase entered on the Wall of Wins. The committee has read the phrase, and granted it.

Steve R.: “took some fenagling on this arse-over-tit day, but made it out alive (lets see this quote on the wall of wins )”

The screenshot he posted with it reads 1,328.00.

James D., on Wednesday’s trades: “Mixed bag PP and LP bear wins on RUT, PP loss on SPX”

Meme of the Day:

Trade well,

T2 Markets

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