This is actually a fairly dull week, with no consequential economic data, no particularly interesting earnings, and lately not even any mayhem geopolitically to drive prices. Thus, we’re just kind of ambling around, and the /ES is up a dull one-fifth of a single percentage point before the opening bell.
As we wait for anything to move, here are a couple of individual items I am bearish on in recent days. I own puts on Archer Daniels Midland (ADM) which is sporting a tremendous top and, I hope, has just restarted to re-weaken from its bounce.
Another item on which I own puts is Shopify (SHOP) which one of you wrote to me about yesterday morning and suggested looked toppy. I’m inclined to agree!
We’re kind of in a no-man’s-land right now, because the market is neither cheap nor insanely overpriced. Looking at the Russell 2000, we have over the past couple of weeks swiftly moved from Fibonacci resistance (red line) and are getting fairly close to the corresponding level of support (blue line). Not much else to say at this point, except good luck!
