Now the pullback has begun as we are starting to accept some prices lower and the buyers were flushed out from the latest balance area. I'm looking for a retest of 78 above, and below 62-60 area becomes the line in the sand for buyers. If we fall though, I would expect us to drop pretty quickly towards the 40's. Of course, this is barring any trade report...
Hey guys, Market is still accepting prices higher, so what's that mean? I may sound like a broken record, but I will continue to be long until we start accepting prices lower. If we break lower, 80 area will become key on a retest. In the meantime, I'm looking at 80 and 72 and 60 as the key areas below
NFP number created some downward movement even though it was a good number. We reached 3000 and may have some temporary resistance because everyone is looking at that number, but I will continue to be long until the market starts accepting prices lower. Are we stretched here? Sure Is it possible that we have a down day? Sure All of this is speculation though...
Likely going to be dead today with an early close. 3000 is right above us and will likely be stiff resistance higher. I don't expect us to get through until Friday when the market resumes its normal activity.
Nothing really changing here. You see yesterday why we are affraid of chasing the market higher. We got a small pullback and everyone that bought the gap got burned. I'm staying long here, though I think with the low volume overnight, we are looking at a sleepy, holiday week, summer day.
Market gapped up on G20 news and we finally got to (and past) the 2950 area we were talking about from last week. This is why patience is important because the market doesn't care about your timeframe, but it was easy to get out of the long last week and if you did, you would have missed the move higher. That said, I only caught a portion of it because I was not...
Got some relief and found buyers before we could hold below 2920. Next stop, IMO, is 2950. Weak high overnight shows that we are most likely to continue higher.
2920 continues to be a key number. I got shaken out of a trade yesterday on the move below 2920, just to see it bounce back overnight. I still see 2950 in my sights for the longs.
Some great clarity from only looking at one chart. Some key areas above at 50 and below at 20. Stay out of the noise.
Status quo for this market, continue to move higher and then balance. This is telling us that we are unlikely finished moving higher just yet. I would'nt expect to see a reversal on this low volume from the overnight session.
Opening in Range, in value, on a Friday, its Quad Witching, looking for an open auction, we have a poor low OVN, that could get retested, the delta is pretty short here before the Open, watch for clues in the order flow on the Open for signs of direction. Its been a good week, dont give anything back, we could definitely have a balancing day here. GL
Markets continue to trend up and we had a nice orderly auction yesterday, falling into a previous balance before bouncing. I would highly advise against going short here, today is options expiration and while it may work to be short, it's a low probability play.
Long and strong, but difficult here because of the big move overnight has stretched the market nearly the entire average range of the market.
2920 and 2936 become the key areas before the Fed announcemnet at 2 pm eastern
As always, the morning ideas and state of the market.
Set your date and distance according the chart you are using, find the range with ATR, daily weekly or monthly depending on your start date
These morning gap trades happen nearly every week providing a steady stream of winning trades.