DANGER: Alligator Crossing On The S&P 500 E-Mini Futures Index

DANGER: Alligator Crossing On The S&P 500 E-Mini Futures Index


Further to my of June 21 with respect to the SPX, I’d just mention that the three moving averages (each offset into the future) forming the Williams (NYSE:) Alligator on its counterpart E-mini Futures Index (ES) have all crossed to the downside, as shown on the following daily chart.

As well, the Awesome Oscillator turned negative in Sunday’s overnight trading.

Both of these are signalling potential further weakness ahead.

Price on the following SPX: ratio chart has slipped below 100, once again.

 

It needs to retake and hold above 100, the RSI needs to rise and hold above 50, and MACD and PMO bullish crossovers need to reform to signal potential sustainable SPX strength.

 

So, keep an eye on whether these ratio parameters can manifest, together with a rally and hold of the ES above 3075, plus a reversal and uncrossing of the Alligator moving averages to the upside, along with a reversal and hold of the AO above the zero level.

 

Otherwise, we may see more SPX selling to retest its June low of 2965.66, or lower.

SPX / VIX Daily Chart
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Candy Matheson


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