|Figure 1 TFP letter preview|
The TFP letter goes out each morning before the open and after the close monday through friday (no summary friday).
“The S&P 500 futures are slightly higher this morning to 1589.50 up from the 1577 low yesterday. The ES was trading around 1598 two hours ago but has since melted 10 points lower seemingly on zero news as there is not one iota of data on tap for today beyond quad witching.
That being said if the ES fails 1585 we are right back to 1580 which mean 1577 is only a stones throw away and below 77 means 1550 will likely be in play.
As I type we have fallen another two points to 1586.50 now ES only up 3.5pts. NO way we reverse until we move back over 1590 and hold. So don’t get your hopes up the market still looks like a zombie = no real function all a mirage.
IDEA: short ES under 1576.75 into 1565 or long ES over 1690.25 for a move into 1600″