Fall showed up on the calendar yesterday, which in Texas means the garage is still hot and somebody put a pumpkin candle next to the air conditioner. NQ is still hanging near fresh highs while ES slipped under Tuesday’s low, crude is trying to stand up after getting kicked down the stairs, and gold lost another floor overnight. I have no strong read on ES, NQ, crude, or gold. Every one of them is parked close enough to a real decision that picking a side before it moves is just guessing with extra steps. Let the auction do something first. Oh and turn your brain off.
The Tape
ES is 7822, sitting a quarter point under Tuesday’s 7822.25 low after the overnight auction reached 7818.75 and bounced. Tuesday rotated around 7832, but that print and the close are both overhead now, so yesterday’s balance has turned into today’s first reoffer zone. Take back 7826.75 and the climb through 7830 to 7832 can start repairing the break. Hold above that shelf and buyers get another shot at the stacked ceilings around 7839 and 7841.50. Lose 7818.75 and the next real volume does not show up until September’s 7771.50 ceiling.
