S&P 500: Floor Breach, Breach, Breach

Tyler Durden's picture

S&P 500 Futures are picking up speed to the downside on rising volume which takes it back to its 50DMA (as we note AAPL has also broken its 50DMA intraday now). Has the market finally grasped that in order for the Fed to greenlight QE stocks have.to.drop and that frontrunning QE by constantly buying stocks ahead of the ramp simply will not work? We'll know soon enough.

Click for much larger image...

S&P 500- e-mini futures breaking through support and trendlines


but for now, the sell-off has stalled and needs more broad-based risk asset selling to continue...

Chart: Capital Context

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Starving Artist's picture

But everything is priced in

Cursive's picture

I realize fundamentals are virtually meaningless, but me thinks tomorrow's NFP is gonna be a market mover.

no life's picture

NFP gets leaked every month, so yeah..

iDealMeat's picture

Is someones head gonna get chopped off if the silver print starts w/ a 2 ?

Seriously fightin for that 30 mark.


tmosley's picture

It already breached that a while back, but bounced back over.

And yes, there is likely a great deal of buying pressure below $30.

Tsunami Wave's picture

According to Gallup, the seasonally adjusted U.S. unemployment rate is up in April:



ndotken's picture

The best investment these days is lead ... the round type that is stored in brass cylinders.

Winston of Oceania's picture

More like insurance than a store of wealth; but one without the other is useless these days.

q99x2's picture

Algos are the only elements in the Universe that believes NFP numbers. You may be right.

Side note: from CNBC: "Milken is perpetually bullish on America" (possible partial reason behind Hendry's 1982 statement plus I think he invests in US agriculture for his customers)

GenX Investor's picture

Look at the beautiful HNS pattern...

Manthong's picture

Looks like a Mountain of Green in the middle.

Maybe it is a harbinger of some type.. 

I sense a bit of a face there too, but I wouln't make book on it.

Carl Spackler's picture


The neckline was broken...and down it plunged.

q99x2's picture

USArmy Internment Procedures.pdf

Every economist should read this before making a forecast based on the economy. It should bear some weight on their advice.

Buck Johnson's picture

Big time, because the market has been really weird this week.  Like it's waiting for the big dump.

Ruffcut's picture

The dow is still over 13 again, so they don't think most people give two shits in the wind. MOst are worried, for they don't want the ponzi to fail.

Face it, most everyone is bonded to this bitch in one form or another.

The more you know does not seem to help in finding if there is any fucking thing you can do about it.

Meeting fucking over. Have a cold beer, relax a little and say "fuck it".

battle axe's picture

It is all Meredith Whitney's fault! She said banks are going to "struggle" next quarter..../sarc

robertocarlos's picture

Who cares what she says, she's hot!.../sarc

mr1963's picture

Everything will be down by Monday. The CFTC has raised margin on member by 35%, the CME issued the memo yesterday, it'll take effect Monday. The got rid of the member break. If I read it right, every bank in the US trading derivatives will need to come up with 35% more capital to trade.

It is a bargin my friend's picture


5880's picture

that chart looks like something,

A guy?

A head?

vintageyz's picture

Fat "person" on their back.

5880's picture

I was implying H&S

Or Prell?

matt_chart's picture

Hey guys you can learn how to read charts here.


Training Video: Support And Resistance http://stocklegends.com/technical-trading/support-and-resistance/

Training Video: Understanding Trends http://stocklegends.com/technical-trading/understanding-trends/

Training Video: Stock Volume As Reverse Indicator http://stocklegends.com/technical-trading/stock-volume-as-reverse-indicator/

Training Video: Using The MACD Indicator http://stocklegends.com/macd/

Training Video: Using The RSI Indicator http://stocklegends.com/trading-with-the-rsi/

Manthong's picture

That chart reading stuff is as important in this market as are the fundamentals.

carbonmutant's picture

The French and Greek elections this weekend aren't going to help on Monday.

WAMO556's picture

Is monday a bank holiday???

Beam Me Up Scotty's picture


Bill D. Cat's picture

Huge pucker factor on the NFP in play .

unrulian's picture

....nothing is going to help on Monday

crawl's picture

You mean this isn't a fat finger order entry mistake?

urbanelf's picture

Jeethner!  Save us!

Cdad's picture

Well...it is about time.  Good grief, there are equity blood baths going on all over the market, and just about every single company that has reported has promptly sold off.

Of course, the SPY is always the last to figure anything out...as the synthetic buyer of every last dumb ass position taken on by the dip buying gang.

Front month VIX futures above 18.63 is a bit of a breakout on the near term chart.  VIX could put on a show here...

Vince Clortho's picture

One of the greatest ramp-ups in Stock Market History over the last few months on the expectation of more printing by the Fed.  If Bernank even speaks a sentence that contains the letters "Q" and "E", the market takes off like a Jack Rabbit on steroids.

fuu's picture

Below the hard deck doesn't count.

buzzsaw99's picture

the banker coup is complete. there is zero downside risk in the stock market. disclaimer: the last time i made that statement was in 2008.

carbonmutant's picture

Time to start rearranging those deck chairs...

CryingBear's picture


5880's picture

ummm, no it doesn't

it's pushing the MA's

junkyardjack's picture

Roh no Rhaggy, Rooks rike a rhost