Not much to say until this massive trading range breaks out but that we are in a big range so watch bottoms and tops, and breaks. This is very balanced and balance leads to unbalance so some fun should be coming.
Use this as a guide to develop your own setup
Today we will focus on this Ascending channel as the main structure of the current situation
-The price is finding strong resistance on the upper trendline of the channel
-We can see 3 tests of the trendline without being broken
-On MACD we can see a huge Bearish Divergence
-Finally, there is a Wedge pattern on the...
a bit of a overnight up move creating overnight long inventory and giving us 2 red zones to watch. Looking to see if top red zone lets us back into yesterdays distribution or it is used as a jumping board for higher levels. Will look for trade ideas after the early part of the RTH session.
yesterday had a big up move and left an open gap at 2977 and has been trading short from close. the up move was well received by the market and will take some bad news to push it below these levels. today could be a top range chop session or one more big move day and i think either direction based on outside forces. If the market was to act completely on its...
Today we are balancing below Fridays RTH session and inside the Thursday night action so will watch a move out of the red zone for a directional clue. If we move above and hold I will look for a minimum target of 2974. and if below red zone a return to the middle of last weeks action.
The focus until a break happens will be on a back and forth type trading with...
Use this as a guide to develop your own setup.
Main items we can see on the Daily Chart:
a)Price is on a Major Weekly Structure, an ascending Channel.
b)The upper Trendline of the Channel has been tested 3 times
c)The last attempt was on September 2019, we observed a huge failure of the Index on making a new High
d)That gives us a Doble Top pattern.
A head and shoulders and a double top are visible on the 30-minute chart all the way to the 4-hour chart. Today's rally retested the neckline of the head and shoulders and failed. This is a very bearish signal. If it cannot break the neckline I suspect a further leg down. This along with underperformance of small caps relative to the broader market has to lead me...
The overnight is balanced long but inside a 2 day distribution so once again inside a choppy trade range, it is a 11 to 12 point range so wide enough for nice profits, so watch this red zone for chippy action but also watch for reactive moves out of this range.
Looks to me that we get a opening down move that finds support and moves back up into Fridays upper areas.
What a roller coaster its been for equity indices globally the past two weeks. Bad data continued to trickle out from the US this month. September's ISM was the worst print in a decade (2008) signaling a possible recession in US manufacturing. However ADP employment and consumer sentiment prints are still holding strong. These are significant as consumerism is...
overnight action is very bullish and has developed total complacency at these levels so will be looking for continuation, baring any negative news from the trade talks or other political junk.
the dashed chop zone is not completely reflective of possible action it has a good chance of marking the bottom of the chop so opening drive will provide me a bunch of...
After a very crazy after hours Es becomes very balanced with no directional leaning so will be looking at teh back and forth of teh red zone and see if we can get a confirmed break out of this area.
Will try and keep you posted
The S&P has had clear lower buyers and has had clear higher sellers and now is balancing between these two levels, these levels will be used as a wide trade range or target for my trading until we move clearly from these levels. top of 2930 area and lower 2876 area. Additionally watch the orange lines for substantial buying and selling zones.
The red zone will...
The overnight has had a decent down move and is set up to keep going so primary idea is a bounce up to 2932 area for a good shorting position. A move above that area I will flip to thinking long for about 10 points.
the two lower targets are marked for the lower move.
secondary move and almost as probable as the primary idea is sideways chop, so watch the red zone
overnight has been inside Fridays range and small range balanced action so no real bias but a slight bullishness. Will be watching to see if we can break out of the red zone but until we do my focus will be on trading it as a inside back and forth trade. Be ready for a small tight range day unless some tweet or news hits.trade
over night is neutral balanced and for me looking at the over night top and bottom for direction, and at current timing the upper boundary is being tested.
the break out targets are placed and will see if this Friday gives us some range or it just remains as a sideways back and forth.
I am leaning to a slow motion upward grind but we will have to wait and see...
So far a overnight consolidation at the bottom of yesterdays range so will be watching the 20 point range for a chop trade or a break out trade.
Not thinking a break out is highly probable after 2 days of large moves so until proven wrong will be working the 20 points or the tops and bottoms formed after open.
Over night is happy at these new low prices and any bounce that fails looks like good shorting points. the top of the red zone could be a strong rejection or the gap fill watch both. In the event of gap fill and it remains at those levels next stop could be 2960.
Will be looking for a move to 2900 if we start moving lower. but remember after big moves can be a...
The indices are bullish and show no sign of weakness, however we are at the top of a distribution and not getting above could be telling so will watch for top side choppiness or a failing break out.
As of this typing we have not got a predominate symbol pulling away from the rest so the opening action will provide some good detail to the action today.