Monday, January 14, 2019

SPX Update: Surprise Market Close on Friday Spooks Futures at Sunday Open

Nothing at all happened on Friday, and I had to double-check my notes to make sure the market wasn't closed.  It sure traded like it was closed.  We haven't seen the actual price volatility this low in several months.

Futures are a little spooked now (since traders can't remember IF the market was closed on Friday, and if so, WHY), and are suggesting a down open for the market.  But I wouldn't be terribly surprised if that goes nowhere (except back up toward the top of the recent range) and the market remains range-bound.  If it DOES go somewhere, then maybe that will develop into a semi-meaningful pattern, so we can look at trying to predict the next move farther than 39 seconds out.

Accordingly, no change since last update:

In conclusion, the market's still in a holding pattern -- thus so are we.  It does remain technically possible for ALL OF a C wave to have completed at 2597, but the pattern since is unclear so far, so there's no confirmation yet.  Trade safe.

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