Several guests and market commentators on CNBC and other mainstream financial media outlets called today’s price action a flush move. Forget the fact that they’ve been calling a buy the dip bottom like Cramer did as early as October 2018. We can forgive them for being wrong but there’s little reason to believe today’s move was a flush move.

If today’s trading during regular hours was a flush move, the overnight futures market would likely be up big. It’s not.

S&P 500 Overnight Futures

S and P 500 overnight futures on December 20, 2018

The Nasdaq and the FAANG stocks have been leading markets lower for a couple of months now. It’s not surprising that Nasdaq overnight futures are down more than S&P 500 futures.

Nasdaq Overnight Futures

Nasdaq futures for December 20, 2018

The night is still young and the overnight futures market could swing positive before market open tomorrow. The bigger point though is that if today was a big flush day, overnight futures would likely be up big league right now and they are not. That’s a huge cautionary warning flag about going long anything ahead of Triple Witching Friday.

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