The Market is Weightless! S&P Futures Update (SPX)
Can you believe we are up 2% today, it seems so hard for us to fall more then .50% on any given day without massive buy programs coming in. Market seemed so weightless today, confusing many futures traders alike.. It is hard to get with the intra day trend because there really was not one after the buy program hit…..
I am not starting to think these down days are just an excuse for large desks to make money by blasting buy programs when volume is as low as can be, taking out stops causing traders and shorts to chase the market higher. Yes the market is a game, but in a low volume game like this there is a fine line between what is kosher and what is no to kosher.
Anyway today we had a overnight futures ramp which started at 1178 and did not stop until we hit 1207.75
around 12 pm before we chopped around actually closing fairly weak without much fan fair or volume. The big buy program today was when we broke out of the ascending triangle formed with 1202 as the break out point. *this is noted in the chart above as you can see.
Each level i posted last night in my post was taken out with volume to the upside… looks like there are some buyers though the volume was very very small because of the Holiday…. Again this brings us back to the thesis, low volume/less participants = ramp ramp ramp.
The dollar was sold off around .62% which was not to bad considering how much the market was up, gold did hold fairly strong but not that strong. I can see a clear correlation break today and last few days between equities dollar and gold.