CME_MINI:ES1!   Futures E-mini S&P 500
Futures showing overbought on 3 hr chart (my preference for futures since they trade 24 hours), MFI divergence.

The odd thing here is that they bought in after market opened rather then the typical pump and dump. Tread carefully,. I suspect they may pump it again tonight to get the gap fill from Trump's China no deal tweet. Futures hate gaps, even worse than the markets.

Of course, the gap may be a resistance level , and this could be it... either way, the market has set up for a Fed disappointment tomorrow. 2 rate cuts priced in, the dot plot isn't going to show 2.
Commento: Surprised that I haven't noticed this before, but the market got weak after Euro markets closed. It's all money flow from a possible EU rate cut. All about the money flow, no connection with fundamentals or reality. Pump and dump.
Commento: Pull up the 5 minute chart and you'll see the market drops quite a bit every time the computerz dump a few contracts. No retail buyers underneath, even the smallest sell in futures drops the market. If the Feds don't appease the market tomorrow, I can see a huge dump happening.
Commento: Futures are not selling off, look at all of the green bars. Would imply another pump tonight, of course we really don't know until the las minute pump or dump on close.

If you're bearish on the Fed, leave some room to add puts tomorrow morning.
Commento: Algos still in pump mode, look at the last 5 minutes. Expecting Euro market to follow through on the rally so we get a final gap up heading into the Fed meeting.

I can't imagine the Fed cutting rates when the market is at the top. If they do, we go parabolic here.
Commento: Obligatory 4 pt pump after market close, no volume at all.

Once again the Euros get to decide the open. We'll see if they get a follow through on the rate cut news.
Commento: 6 pts since close, appears they really want to close that gap in futures at 2947.5. Markets headed to ATH in spite of earnings, this is amazing.
Commento: Regardless of which way this goes after the Fed announcement, I think we get a huge whipsaw before it decides direction. It's gonna be really choppy here within an hour. Let the countdown begin....
Commento: 13 minutes until Fed whipsaw....
Commento: The direction of the whipsaw can change with whatever Powell spews out of his mouth, so watch out....
Commento: Appears to be forming a pennant on the 5 min chart
Commento: Broke upward out of the pennant but the last minute futures dump seems to indicate they won't do a pump and dump tonight. More than likely a flat open tomorrow, we'll see if we get the usual Thursday weakness plus some "buy the rumor, sell the news" action.

If we don't get a drop tomorrow, then we're looking a new ATH while rates are inverted. The pumptardedness of the market never ceases to amaze me.
Commento: Futures up 11pts already, looks like they want to close that gap badly. Looks like we're going to get a 15 pt exhaustion gap tomorrow....

… or maybe the market just goes parabolic, lol. Who knows anymore.
Commento: These central bankers are creating a bubble not seen since the dot com era. People are talking about another QE already on top of the rate cuts. Stocks trading at triple digit P/E ratios and money losing companies going parabolic. This will get ugly when it pops, but who knows when?

I've never heard of rate cuts at the market top. Insane.

BTW, I bought SDS right before AH close. That's my final add to my short position, then I give up, lol.
Trade chiuso manualmente: Actually made money on SDS, lol. Wish I had loaded the boat pre-market instead of yesterday AH.
@hungry_hippo, what would be an indication of a "drop" in your opinion 5pts, 10, 20?
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@maxaus, if futures are any indication, we headed to ATH. The next drop will happen only if Trump puts more tariffs on China.
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maxaus hungry_hippo
@hungry_hippo, I agree with you. so it looks like the only option is to buy on dips, bounces from 2942 and 2962
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Great idea buddy, hungry_hippo.
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@hungry_hippo, what is you opinion on 3000 during the FOMC?
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@maxaus, I think the market expectations for rate cuts is too high, I think the market will drop after the meeting but I could be wrong.
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Not only that. Might be heading to 2979 (new ATH). "fasten seat belt" sign is on. Turbulence awaits :))
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