Tuesday, December 8, 2015

S & P 500 Futures...nice bounce at support...2062 pivot

200 dma = 2058.17; 150 dma = 2049.74; 50 dma = 2047.55.  In other words, lots of support here.

Crude seems to have stabilized and it looks like it wants to go green, now that everyone is convinced it's going to $30.  That could really help the market, especially since it's right above all these support levels.

Remember, shorts need to take profits, too.

Among the market ETF's, QQQ still has the relative strength, but IWM has a lot of oil names in it.  

If crude does go positive and we stay > /es 2062, IWM (TNA = 3x) could rip higher.

But we have to be nimble...everything is a trade here.  I would use /es 2079 as a level to lighten up.

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