Diary of a Financier

This S&P 500 Slippage

In Capital Markets on Mon 23 May 2011 at 08:19
  • Still expecting continued short-term SPY pullback; long-term indecisive.

I wanted to update my S&P 500 E-mini Futures (ES/1) charts to illustrate the continuation of the bear trend that worried me back on May 16:

SPY will open below critical support this morning.  That ain’t good.  Neither is the chart of S&P E-mini Futures (ES/1), which holds the key, so I’ve said.

…I wouldn’t invest in [ES/1] if it were a stock.  The weekly SPY chart makes it look like we’re just overbought & due for a short-term pullback, so I’ll withhold longer-term judgement.

That opinion hasn’t changed.  Since ES/1 is the horse towing this market along, I’ve been focusing on it in conjunction with SPY.

Short-term

ES/1 daily extended

 Short-term (zoomed in)

ES/1 daily

Long-term

ES/1 weekly

–Romeo

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