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Anything can happen in these thin markets, however I note that the SP
spiked through stops to 1499.50 before returning to 1488+- while the
full contract traded to 1488.60. While not infallible, the spike in
e-mini only is a relatively reliable indication that an attempt is going
to made to push price the other way i.e. down. I also make note that my
next projection on the weekly chart for ND is 3814 and the night session
for both the e-mini and regular contract reached 3804.
Be very careful out there! I had nice long setups yesterday morning on
both S&P and bonds. Given the thin holiday markets, I've been reluctant
to put on positions, however I nibbled on the bonds since they have been
so heavily sold, have been holding support, and offered an opportunity
for a close-in stop. A full bond position will have to wait until the
3rd. The SP on the other hand are close to resistance so I passed on the
opportunity.
Earl
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