24 February 2014

SP 500 and NDX Futures Daily Charts - Swing and a Miss

The wiseguys were pumping equities hard today, reaching for that mythical 1348 new all time high on the cash SP 500.

They had it intraday but could not hang on, and profit taking set in during the afternoon, with the futures chalking up yet another failed attempt to breach that overhead resistance.

I am sure they will give it a few more tries. It is not hard to get it there given the dominance of high speed day trading in this market, and lack of substantial investing, which implies a buy and hold approach based on some sort of fundamentals.

Let's see what happens. Have a pleasant evening.