Monday, May 23, 2011

Equity Wrapup 5/23 3:30 PM CST

After we saw a large slip in the equities market in the Asian and European sessions last night, we see not much activity today as some major supports were broken in both the ES and TF markets. Both tested these levels during the US session but failed to hold any ground. Most of the equity indexes have been forming a downward channel since their yearly peaks, and for atleast the TF we see it reaching major support highlighted with the yellow line on the daily chart. It feels as though there will be a couple options overnight, either we just break this support and pop back up, maybe having a couple day rally back to the tops of these channels or these markets make a statement tonight and tomorrow with a strong down day. I've personally peeled half of my short position (mostly puts on bull etfs) and will wait to see how these next few days go.

1 comment:

  1. Your viewership demands an entry on the TVIX.