ES1 SPX Futures Oversold

Futures oversold on the 3 hr chart (which is what I always use for futures since they trade 24 hours).

There's a chance that it double dips here, before heading up. Will at least form a H&S if not a new ATH next week. Opened up a few long positions, left room to add tomorrow.

Not trading the index but it's always good to trade in the direction the market is going.

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Well look at that, an end of the day pump with huge futures buy-in, and pumping AH on MSFT earnings. The Chinese and the Euros seem to be taking turns pumping futures, we'll see whose turn it is tonight.

Probably a 10 pt gap up in the morning, not certain if we make a new high or H&S down. More than likely going to close most of my positions tomorrow.

The way the market is whipsawing, you might as well trade oversold and overbought conditions and stay out the remainder of the time.

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LOL, 10 pt gap as predicted. I think we see a reversal pattern today, but it could be a bear trap. Taking profit today and holding mostly cash over the weekend.

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H&S pattern it is....

This is why I dump everything when I'm not sure. Long on CADE (earnings) and IBM & SQ puts because they were both overbought. Not holding a huge position over the weekend, you never know what's gonna happen (though at this point the market is likely to tank more than anything.)

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Futures holding steady after taking back the dump from Friday AH. Only down a couple of points from Friday market close now.

I get this weird feeling we get another bounce as soon as futures or the indices hits oversold condition again.

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Futures MFI oversold again, but indicators really aren't showing direction right now. Still holding SQ puts, long on UISAK, and that's about it.

No indices positions until something definitive shows up on indicators.

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Would appear to me that the computers are setting up for another overnight futures pump and dump tomorrow morning.

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Zero volume in futures this afternoon, like almost nothing.

Looks like the gap depends on the Euro's again. Still leaning bearish, H&S pattern still valid.