Late Nigh S&P Futures Update (SPY)

ES_F 5 min
Today the tape was your classic fake out. You got the initial uptrend all day until the last hour of the day where you get a sell off out of nowhere? Out of nowhere i do not think so… There were a few signals which told traders something was about to turn especially in tech. 

You saw NFLX getting crushed, AMZN reversing and the Q’s getting slammed all before the SPOOZ aka ES_F really gave up her lunch…  if you are worth the machine your trading on you should have told yourself this market cannot hold itself up after the 1240 failed.

Think like a trader, you must understand this market is about correlation of index’s and assets. Tonight

metals are moving especially gold and silver. A silver chart is below. Now that JPM has admitted they are giving up their beans on the silver shorts, lets see how the metals move tomorrow. 

Silver futures daily
Tomorrow focus on the 1402 level in Spot gold and the 30 level in Silver futures are going to be key.
ES_F levels are 1242 upside resistance with 1234 being short term support… Over night futures are basically flat right now.
check out Buro Alerts to get all the trades tomorrow..
Tomorrow we have quiet the calendar… listed below. FOMC decision being the biggest at 2:15est. 

Dec 1408:30PPINov0.5%0.5%0.4%
Dec 1408:30Core PPINov0.1%0.2%-0.6%
Dec 1408:30Retail SalesNov0.4%0.5%1.2%
Dec 1408:30Retail Sales ex-autoNov0.4%0.6%0.4%
Dec 1410:00Business InventoriesOct1.4%1.1%0.9%
Dec 1414:15FOMC Rate DecisionDec 140.25%0.25%0.25%

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