09/27/2017 Live Update

[te_fern]

Can the first resistance pivot and the moving average line turn the SPX???

[Daniel]

pending home sales just came out... bad

ITB and XHB have reversed sharply off their opening highs. ITB tagged a 52-week high before pulling back about 1/2%.

[te_fern]

The NYA tick has fallen through its moving average line.....

[Daniel]

Pockets of strength: EWG and XRT just hit fresh HOD.

[te_fern]

Levered financials looking strong this morning...

[Al_Dente]

GS on the tax plan to be released this afternoon
http://www.zerohedge.com/news/2017-09-2 ... n-explains

QUICKIE
big ass table of all the proposals:
http://www.zerohedge.com/sites/default/ ... ax%201.png

[Trades with cats]

Goldman has released it's analysis of the Tax Plan and it is reposted at Zerohedge. (hat tip to the Pasta Boss) Bottom line there is not going to be anywhere near the proposed cuts. So the run-up by London/Frankfurt was all hope and hype.

It is time for end of the quarter major window dressing to start. No way we get outside the current trading range until that event is in the rear view mirror.

[brokebybernacke2]

was personally expecting new highs soon and some sort of pull back, but see macd about to cross for a breather, maybe high is in as these bullish waves up all about 30 days in length, we are a bit beyond that for this move up, pullback in process?....regardless, awfully stubborn bull, will take a megasurprise to knock it off its feet..still plan to buy good pullbacks stops round 2450sp, wait mode...

[Trades with cats]

Something I found on the internet.

[Daniel]

IWM, QQQ holding within their OR-30-- but most sectors are not.. pushing LOD.

IWM, current market leader, is still holding opening gap and OR-30/60... w RVX hitting its LOD. Thus, one must be watching for breakout leadership (or not) from IWM.

[te_fern]

The bounce was pretty weak, need to hold this double touch of the pivot or we're going lower....

[te_fern]

There we go... looking for lower support..

[Al_Dente]

IWM, QQQ holding within their OR-30-- but most sectors are not.. pushing LOD.

IWM, current market leader, is still holding opening gap and OR-30/60... w RVX hitting its LOD. Thus, one must be watching for breakout leadership (or not) from IWM.

boss how about oil as market leader
USO or juiced is UCO

[te_fern]

Both ticks have dropped below their moving average...

[Daniel]

boss how about oil as market leader--USO (or juiced is UCO)

My timeframe here is that of this Board-- a flash in the pan. Short term breakouts, top of range, multiday RS.

"Leadership" could be relative strength over the past few days-- as you often post in those excellent trailing sector-RS graphics. Or it might simply be hitting fresh monthly or yearly highs the past few days, when not all sectors are doing so.

IWM has been a straight blue arrow from bottom left to top right the past couple weeks. Oil has not. The transports have. Foreign markets--not recently.

For daytrade/short swing trade, all macro perspectives are as useless as all macro news.

[Trades with cats]

So true, yet when big traders using "other time frames" enter or exit we get those wonderful day long trends.

[Cobra]

the pullback is larger than that of yesterday (tinted area) so maybe has legs.

[te_fern]

Speaking of oil, 3 minutes futures shows a big drop in the last few minutes. My guess is a report or someone said something!

[Al_Dente]

boss how about oil as market leader--USO (or juiced is UCO)

My timeframe here is that of this Board-- a flash in the pan. Short term breakouts, top of range, multiday RS.
"Leadership" could be relative strength over the past few days-- as you often post in those excellent trailing sector-RS graphics. Or it might simply be hitting fresh monthly or yearly highs the past few days, when not all sectors are doing so.
IWM has been a straight blue arrow from bottom left to top right the past couple weeks. Oil has not. The transports have. Foreign markets--not recently.
For daytrade/short swing trade, all macro perspectives are as useless as all macro news.

thanks boss
here's 10 day performance on my narrow view
all are juiced (INDU is invisible)

[Trades with cats]

Monday we had a 5 point excursion below the ADR 20 low. Today the ADR 20 day daily low is ES 2495.25 so we hit 2.25 below.

St Louis Fed Chair Jim Bullard could lay an egg at 1:30 EST or the President really really puts his foot in it in Indiana. Otherwise I am waiting for the double bottom with this drop being the higher low (compared to yesterday) book ending the higher high this morning. All good moving into end of quarter.