Spike in S&P futures open interest

It took one day for me to change my mind, I’m buying $ES tonight. Take a closer look at this chart of S&P futures over the past year. Nearly every short term bottom has been marked by a sharp increase of open interest in $ES. Plus, we tea bagged the bottom of the ‘ol pitchfork channel. Honestly, I feel very shaky buying here so I’m keeping a tight leash. I’m looking short term bounce, quick to take profits.

BANK COIN!

12/12/12 – Judgement day

My old pitchfork chart has played out quite nicely long term. For all you conspiracy whackos, it looks like we will be nearing the bottom of the channel come 12/12/12. I wouldn’t be surprised with a short “Hope and Change” bounce, but I’m looking for a little more downside before I go all in.

Get your rally caps on.

This old trusty pitchfork seems to be working once again.  I was a little concerned that we only nicked the bottom during overnight trading but today’s rally has given me the confidence to jump back in.  QE or not, the market is happy about something.

Daily S&P Futures:

Weekly S&P Futures:

 

 

 

The big picture

Let’s take a step back and look at the big picture. We have cleared the April high but failed to break above the channel. The market is waffling on where to go next, with support from the April highs. We probably bounce here, but if we don’t, look out below.

We may just chop until 12/12, then go full glenn beck.

 

Close to resistance

A month ago, I thought the notion of S&P 1380 was ridiculous.  I drew this chart a long while back, it is now my guide as we near the median line.

Are we really ready to pull out of this correction?  I have my doubts, so I’m cautious here.

Spike in S&P futures open interest

It took one day for me to change my mind, I’m buying $ES tonight. Take a closer look at this chart of S&P futures over the past year. Nearly every short term bottom has been marked by a sharp increase of open interest in $ES. Plus, we tea bagged the bottom of the ‘ol pitchfork channel. Honestly, I feel very shaky buying here so I’m keeping a tight leash. I’m looking short term bounce, quick to take profits.

BANK COIN!

12/12/12 – Judgement day

My old pitchfork chart has played out quite nicely long term. For all you conspiracy whackos, it looks like we will be nearing the bottom of the channel come 12/12/12. I wouldn’t be surprised with a short “Hope and Change” bounce, but I’m looking for a little more downside before I go all in.

Get your rally caps on.

This old trusty pitchfork seems to be working once again.  I was a little concerned that we only nicked the bottom during overnight trading but today’s rally has given me the confidence to jump back in.  QE or not, the market is happy about something.

Daily S&P Futures:

Weekly S&P Futures:

 

 

 

The big picture

Let’s take a step back and look at the big picture. We have cleared the April high but failed to break above the channel. The market is waffling on where to go next, with support from the April highs. We probably bounce here, but if we don’t, look out below.

We may just chop until 12/12, then go full glenn beck.

 

Close to resistance

A month ago, I thought the notion of S&P 1380 was ridiculous.  I drew this chart a long while back, it is now my guide as we near the median line.

Are we really ready to pull out of this correction?  I have my doubts, so I’m cautious here.