I was trying to figure out how they were gonna pump the market with all this bad news. Apparently were doing the China talks redux, futures up big on "talks". Note how the pump started right as the Euro market opened. As I keep saying, the Euros control US market open In any case, don't short until you see overbought condition and MFI divergence. Bull flag...
Over night we moved back into a higher distribution and we now have to see if the market want higher, and needs to be over 2945 to confirm this for me and if it wants lower and 2902 is that change over point for me. As we stand right now I lean long and will be looking for longs off big or small retraces. The back and forth action has been very good for day and...
Overnight the markets remained very balanced until early this A.M. and the down move is being accepted by the market players, so will think first plan will be a small bounce on open with a continuation to the down side. will be watching the areas of my lines for rejection of this plan and will be fine switching my bias to the long side if that is what plays...
the over night is a bit bullish and could have a pull back before advancing further up. The pull could go to about 2882, and would then be looking for a long idea. back to top of the overnight range and even further. A break over 2899 could bring a nice 10 to 11 point move up. In the event we sink lower below 2877 then will target 2865.
Today is a interesting situation, on a bigger picture the market is trapped in a big range marked with orange lines and in between the closest set of these lines there is no big picture direction. so looking at the Red lines will be my short term guild to the direction I will be leaning on my trades. Expect lots of back and forth days until this bigger range resolves.
So big question do we gap and run, or stay in the distribution and re visit the price we where at before teh China news. Will watch the Red zone for clues and then the markets reaction on a break of this area. Targets are posted so not a predictive post but one of reaction to what happens is my plan.
If price can stay above $2933 for a bit, it may go and test $3000
Bounce is over and it's time to go short
over night is balanced and doing what I said it would do late in the session yesterday, and that is move to higher levels. and believe we keep testing higher. will look for an impulse or retrace to get long from, and only move short if we go below 2922 -2918. I think an upside break could gain lots of traction but first area i will watch is 2946. In the even of...
Because we all have a historical pullback to study this pullback against- I feel the majority bias is short. The majority cant trade in the correct direction 100% of the time. That would mean the majority of traders would be profitable. Instead it is a minority that is profitable. The flip side to what everyones thinks is the downside is what follows. This is by...
Use this as a guide to identifying the most important technical areas on the chart Main Items we see on the Daily Chart: a)The Main Structure is an expanding Triangle, using Elliott Wave Theory we can say that an E wave is remaining (short output using Elliott) b)The Bullish trendline of the last movement is broken, and currently, we have a structure finding...
Market is very happy making whippy action between the top and bottom of the consolidation. and will remain doing this until either 2890 or 2942 is taken out. Over night we once again have a very strong gaping move. This can bring us two trade opportunities, 1) a retrace down to the 2917 area for a nice long, or a rip move higher that could see a 20 point jump in...
Not a lot has happened over night so will be looking for a range bound trading day unless the 2933 or 2916 break up or down, so trading low to high and high to low until a breaking action occurs. In a break my target areas are marked on the chart.
Strong up move that gives us a 30 point gap, so i think we see one of two things either a strong ripping up move or a retrace back to the 2910 area for a up move after that retrace. unless we break below the gap I will be remaining leaning on the long side today.
We have a gap up overnight that will have 2 possible reactions. first we could have is a move up over the 2878 area and this will cause me to look for longs to upper blue line targets. the 2) idea is a retest down to 2860 and then a bounce back to the mid 2870 area. the 3) ideas is a drop below 60 that closes gap and then moves sideways for the rest of the day. ...
overnight has us setting up a little bit long but very much back and forth so no real directional bias. I will be looking for a test of the 2840 to see if it wants to bounce and then if it rejects near the top red line. Clearing the red boundaries will help set a direction bias but will need to see decent impulse or time served over or under these line. If this...
Over night moved down a little but is not showing extreme pressure down so will be looking for a open that is sideways to down, if we break the lower red line I will be biased to short trades but above that lower line feel things will remain as a choppy back and forth trade today. Targets for lower and higher are drawn on chart. Will watch for impulsive moves or...