Before we get into the technical side of the futures markets today, we are going to let subscribers know that the Magnelibra Global Futures Benchmark Program (GFBP) Positions Tracker has been in Hedged Long mode and is currently flat the NQ in the equity sector and as of MOC today long 1 unit of the Week 4 SP500 3650 puts @42.25.
For those that don’t know Founding Subscribers only get the GFBP positions tracker and its update. Occasionally we will share it with subscribers here, and today as you will see from some of the chart structure that our alarm bells are calling for some initial concern.
The first chart we will look at is the Nasdaq, now remember we will be rolling from Dec to Mar futures starting with tomorrows settles, but for now here is the current front month Nasdaq chart:
Once again the top of the channel has held and our rotation back down has begun!
Next up we have the SP500 and we can’t help but note that the pesky 3668 level is upon us once again and we don’t like the m…
