Henry Ford's MarketWatch LIVE!

3:44 PM
LOOKS LIKE A FLAT EXIT
About the best that can be said at this point is that this long sideways consolidation HAS managed to bring down the 12hour RSI/MACD numbers...still not low enough to get to oversold levels, but enough to reduce the rabid overbought condition we had as of yesterday's close.
SP500 Futures are down to 70
DOW is around 70 as well
NDX is at 46
Don't think we will see any surprises in the last 15 minutes
1045 is still the nut to crack for the SP to rally dragging the broad market behind it.
9743 is the number to break through on the DOW
:: Henry Ford ::

2:25 PM
DRAGGING OUT THE SUSPENSE
They are really making an ordeal out of this ....
Next Pivot point should come 2:25-2:35...
Last hour will be the tell, setting up for tomorrows action...
We have managed to bring the 12hr RSI and MACD down a bit, but still in overbought territory. It takes a lot of time going sideways to absorb the effects of rthe 400 point gain we had from Friday's lows to Monday's highs....
:: Henry Ford ::

12:27 PM
NOT MUCH GOING ON HERE
Boyz are just shuffling the deck, waiting for the deal which will probably come late this afternoon.
DOW struggling to maintain 9700 and SPU2 sill having trouble getting past the 1045 resistance level which is key to any successful rally leg.
Lunchtime, so don't expect much more action till the 2-2:30PM EST time frame.
:: Henry Ford ::

11:21 AM
CONSOLIDATION SLOW TO TAKE
Hourly RSI/MACD and OBV levels on the SP500 futures remain at short term very overbought levels.
The gap down this morning did not help much in alleviating that pressure. When coming off of major bottom patterns, these indicators can remain at high levels, but a 12hour cycle low is due about mid-day tomorrow, so it is just as likely that we could dip down, (maybe even close yesterdays gap which would be wonderful, but I think wishfull thinking) before rallying into Thursday's close before expirations.
Anything can and will happen during the Triple Witch, so need to be nimble and watch stops.
SP 12hour RSI is at 92...down from 98 so you can see that gap didn't do much.
12 Hour MACD is at 2.9 down from 4, but highest we have seen since May 8th
:: Henry Ford ::

10:52 AM
RIGHT ON SCHEDULE
Looks like the Boyz decided we've had enough weakness for one morning and are now running the indices up. SP Futures already up 4 points in just the last 10 minutes, DOW up 28

Industry groups are now 89% up on the day and NAZ has 79 out of 100 stocks positive.
Semis are now leading and NASDAQ tech was the first index to turn, leading the charge here.
It actually started moving at 10:00 way ahead of the other indices that are just now playing catch up.
:: Henry Ford ::

10:06 AM
LOOKS LIKE CONSOLIDATION FROM HERE
Indices appear to be working off short term overbought effects of 200 point rally yesterday. This is allowing indicators to drop back into areas where a renewed rally should take place in the next couple of hours. 10:35 is key pivot time to watch
:: Henry Ford ::

9:54 AM
INDUSTRY/SECTOR UPDATE
68% of stocks are up off of their opening prices at this juncture.
Leading industries are Security Svcs/Airlines/Internet retailing/Networks/AV/Recreational/MotionPicture and Trucking.
65% of NAZ stocks are positive with RFMD/BEAS/HGSI/ITWO and BRCD the leaders.
:: Henry Ford ::

9:27 AM
GOOD MORNING
CPI for May came in lower than anticipated at 0% while Core CPI came in as expected at .2%, both numbers lower than the previous period. The overnight market has been in a slide for the last couple of hours and was not bouyed by the numbers.
Premarket indicators show we are in for another gap opening, this time to the downside showing the underlying volatility during expirations week. We could not fill the gap yesterday before tacking on 200 points...the test in the early going will be to see if we get a continuation rally after the initial selloff. First hour is the most important here.
:: Henry Ford ::

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