Thursday, February 6, 2014

S&P Rejects Bearish Implication of Monday Sell-off

ESH4 (E-mini S&P) 

·        *9 new session lows without a 3 session pause (stretched in to Yesterday)
·       *‘mid’ of Monday Bear sell-off 1755.125
o   A settle above ‘mid’ today is rejection of bearish implications of Monday
·        *Downward sloping channel resistance at 1759 bested
·     * Largest single session VIX retreat(thus far-more to come?) in month and a half
·        *Yesterday’s session is a ‘doji’ and indicates indecision
o   We charge that indecision against bears because they were (momentarily) driving the bus
·        *Fixed Income still Yawns…hmm

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