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I'm 95% cash for the weekend, and expect to get short on Tuesday.  This is assuming, of course, that hurricane Katia (I pronounce it kuh-TEE-uh) doesn't wash over Central Florida and knock out my power.  It was almost funny to hear the Northerners complain about losing power for a few days in the summertime.  They were whining like nobody had called in extra support from Colorado to help restore services or anything.

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I posted several charts last night, then spent over an hour writing an excellent post about each chart and some other thoughts on the market.  Then some fat-finger came out of nowhere and an extra BACKSPACE push made my browser think I wanted to go back a page.  It blew away everything.   So, here I am, 7.5 hours later trying again.  I've almost finished my first tall glass of homemade iced coffee, but it still might be too soon for any real coherent thought.  Bear with me.

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We have seen significant selling the past two days since confirmation of the H&S Top.  The objective of 658.07 was reached early today and continued much lower.  The weekly chart shows a potential double top formation as well.  If we get a close below 635.07 tomorrow it will be confirmed.  This would signal even more downside action with the potential objective around 580.87.  Commodities have been overbought for quite some time now and the technicals were pointing to a possible correction at these levels.  If you weren't able to get short any commodity markets you should have at least been liquidating any long positions. 

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S&P futures are approaching some strong intraday support levels.  I'm looking to be a buyer between 1285-1300 today.  The move down from the April 6th high has been very weak with pretty deep retracements.  However, the skewing has been strong to the downside showing some confliction.  You do have a nice confluence of fib support around 1300, then stronger around 1295, and real strong around 1287-1290.  I'm looking to scale in around these levels with a stop  at 1282.  I would expect a really nice bounce from these levels.  You also have the MP and DS2 pivots in the 1297 area.

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It's been hard to find good long setups since Friday, and a lot of the past couple days' activity felt like a mass headfake.  I went into 100% cash this morning and sat out the rest of the day.

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