E-Mini 100 DMA Support Breached

Tyler Durden's picture

The bullish chartist and Johnny 5 portion of the stock market (which is about 99%) can not be happy: the next ES support is at the swing low of 1241.25, although the 200 DMA looks like a target at 1237.85. We believe a firm bottom exists at 400. And for all those asking, today's ES volume was the 2nd highest since March.

The 200 DMA support:

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Jasper M's picture

"bullish chartist"? If by "chartist" you mean technical analyst, I think that has been something of an oxymoron in this market for a Some time. 

fuu's picture

If you say it fast enough it sounds like "Bullshit artist".

Hard1's picture

+ 1 trillion (sorry, next years prices)

Soul Train's picture

Don't we need a nice flash down in June to the 200 SMA to justify QE3?





Spirit Of Truth's picture

We are right at the lower trendline of support underneath the market since the March 2009 low from what I can tell:


slow_roast's picture

What is this "volume" that you speak of?  Can't the Fed just buy it?

Bazooka's picture

I smell a flash crash coming....in equities and GLD and SLV. I will say I was wrong if during the next collapse, GLD and SLV screams to new highs. 

Internet Tough Guy's picture

You are an anonymous internet poster; control your inflated ego.

Dirtt's picture

Back off!!!

Some of us work very hard at hyper-inflating our anonymous egos. Not only is the job security solid but you never get a W-2 or 1099.

Got it Tough Guy.  Any way it helps us be nice to others in public when they echo the MSM.

tmosley's picture

GLD and SLV will crash, but gold and silver won't.  They might be on sale for a while, but the premiums will rise significantly, and they will do so more and more until the price is 100% decoupled.  Hell, that happened during the recent move up in the spot price, where premiums fell.

Paper will burn.  Metal will rock.

Cognitive Dissonance's picture

Here you go Cdad. You asked and Tyler posted.

Cdad's picture

Thank you brother Cog and Tyler...although if you use the one year index chart and insert those sma's, the one day technical failure today is even more spectacularly on display.  But I shall content myself as I report to my martini shaker now while daydreaming about pink slips at the JP Morgue and preparing to draft my entry to the ZH poetry contest...a poem which I shall entitle "Bidless."

Good grief [and by that I mean f*ck Jamie Dimon....and no, K. Finerman, I do not mean that literally speaking]

**firm bottom exists at 400**

You kill me, Tyler.

Cdad's picture

LOL!  Did anyone just catch that Joe Lavorgna appearance on the BlowHorn's Nanosecond Money show?  Lolololol!  He literally was struggling to keep his chuncks down.  Precious.

And here we were earlier joking over brother Cog's toilet capture.  

Bazooka's picture

FED: Public and political contempt towards the FED will become feaver pitch as the markets descend, plunge and crash to all time generational new lows. 

This is when squid face will be hauled into court for crimes against the people. Once the crash has progressed or come near to end, Fuld will be arrested and tried and sit next to Madoff. Social mood will demand it and neither the Fed nor Congress is greater than the market.

Joeman34's picture

You are delusional.  The entire world will blow-up before GS is put on trial.  You don't get it...  The FED is the market. 

Whizbang's picture

yup, don't fuck with them.

American Dreams's picture

Yup, Fuck You!


there be no shelter here

GeneMarchbanks's picture

Prophecy!!! Deflation!!! Bazooka you're on a roll pal, so wait for $450 gold in 2016 and then buy gotcha thanks.

WSMassiv's picture

I tend to agree with the deflationist argument...However, I would suggest that there will be some sort of 'other' distraction before banks like GS are prosecuted.

After all the government has removed all obstacles so far, IE:

1. Defunding the SEC and other watchdog agencies

2. Repealing Sarbanes

3. Creating new all encompassing "financial laws" (Dodd-Frank)

4. Reducing civil liberties VIA the patriot act and other misc federal and state laws

Most average people will be happy not being molested by the government and the banking class, to even bother trying to prosecute them.

camoes's picture

Needs to drop more so that The Bernank and Timmah come to the rescue with QE(n+1)

Id fight Gandhi's picture

Better lower the margin rates on the ES again.

stormsailor's picture

sold my /es short at 1313.00,  it went out on a low,  usually will bounce.

Let them all fail's picture

did the same with some SPY puts, will look to repurchase with a small bounce tomorrow...

slow_roast's picture

I sold my SPY PUTS on 2 separate occasions only to buy them back.  If there's a bounce tomorrow I may double my position.  I'd be surprised if the world doesn't swoon overnight and give the USD a boost.  The Euro may shit itself when Europe opens. 


Here's to all the fun we're having!

scatterbrains's picture

I got your bounce dangling...    at around 1200ish

TapeReader's picture

It's not just how much volume, but what type of volume.

Is the volume dominated by Buy Programs or Sell Programs?

If the volume spikes and it is dominated by Buy Programs the market will go up.

If the volume spikes and it is dominated by Sell Programs the market will go down.

....you can monitor the Order Flow Momentum amongst Buy and Sell Programs, in real-time, for free, here:


Hope that you find this interesting.


mynhair's picture

Thanks for the new chart porn.  Interesting....

Cdad's picture

Barring the always not so transparent hand of the Fed buying contracts, the algo's will have no "logical" choice but to simply liquidate equities.  Especially HFT'd equities priced for stupid.

But I'm sure we will be treated to days and days worth of "buying opportunity" commentary over at the BlowHorn in a last ditch attempt to get Average Joe to step up and buy criminal Wall Street banker pipe dreams.

The two year "confidence experiment" has finally ended badly.  The US stock market is nothing short of a bad joke, and today was the first of many punchlines to come.

Would someone report to the Eccles building and drag Ben Bernanke out of there and clap him in irons, please?

Good grief [and by that I mean who does Wall Street think they are kidding with all of this nonsense?  And where are the long awaited layoffs at the TBTF banks, too?]

Cleanclog's picture

Gonna be difficult for the pension plans to make their 7+% returns.  CALPERS will lead California into ruination.  Greece the metaphor, not the contagion.

Say it again and again - Debt Saturation!

Cdad's picture

From your mouth to God's ear.  Although I'm sure Californians will thrash about and make a big scene as they are being dragged out the door.

Bazooka's picture

How do you post images/graphs on this board?


Henry Chinaski's picture

impress tyler or something

fuu's picture

You have to be a contributor of articles.

mynhair's picture

Freeking awesome!  Hope the gap down tomorrow is small.

Henry Chinaski's picture

practically another hindenberg omen

Misean's picture

This is bullish, right?

buzzsaw99's picture

robo will now explain to us all that an unbroken series of higher lows is uber-bullish and everyone should buy NFLX on a 1% correction.

Cdad's picture


I think you need to check your news headlines on NFLX from this afternoon.  Ummm...getting harder to hide those ramping costs in that off balance sheet warehouse they don't much talk about over there.  Looked like a blow off top to me, as well.

Talk about your monument to gross misallocation of capital.

buzzsaw99's picture

blasphemy. the momo gods will avenge.

oogs66's picture

This post makes me feel like Becky waiting to interview Warren.

RocketmanBob's picture

I wonder what happened to the plunge protection team today? Who blew the stick save?

richard in norway's picture

unintentional junk, fat finger on a small screen


i was going to say that the plunge protection team was out in force today and operating on a worldwide basis, every patch of resistance was worldwide, how can twenty markets change direction at the same time, not just once but again and again and again in one day, twice in less than a hour. i used to think people on this board were paranoid, but not anymore

Missiondweller's picture

"We believe a firm bottom exists at 400."


And that's where I'll be a buyer. Until then, gold,silver & cash

ParaZite's picture

I say look for a flash crash in commodities, trying to wipe out every one's holdings by inspiring fear in the market. People will sell their silver and gold for pennies on the ounce to the banks, and then they will push the price up once they hold the majority of the physical silver and gold. Let the looting begin!