Sunday Night Equity Index Futures Correlations (SPX)
Good evening traders and robots, we are bid once again on pretty much zero positive news but some GDP numbers out of Japan. We have not cared in the past so why now? Oh an we have the CHF jumping up nearly 2% as it looks for a peg. Go figure, you cant be asleep for 5 minutes in this market or you miss the REAL reasons behind a markets move, not the media spin.
As for the charts on the left we have Crude oil which is coiling up in an ascending triangle which if all goes right is going to jump over 85.60 and run to 86.
NDX and ES_F are both bid & also in ascending triangle with pretty much identical 1 min charts to the lower right hand corner chart of the USD/CHF… ie the Swiss Franc. The Franc found a bid @ .785 .. lets see if this support level holds because the entire equity index is hinged on this…
ES_F – 1186 upside resistance … 1184 support ..
NQ_F – 2195 is upside resistance with the psychological level of 2200 coming up quickly 2180 support..
If the ascending triangles in the index fails.. which it could easily, you can thank the computers because there are probably 2% humans trading currently and 98% computers… careful with your stops because they machines see them.