alleytrader

alleytrader Updated 

oil is currently trading in a transition zone between two recent distributions and will have to make a choice between one or the other. if oil breaks from the red zone today then the first blue support or resistance will be a very likely target for either break. I will be looking to trade a range day inside the red zone until a firm break of this zone is established.

alleytrader

ES has moved down very nicely and could just keep going with little effort to bounce, but the move has stretched and on bell a bounce back to 31.04 area to give a good short location falls into the wheel house. Also a test of teh bottom of the red zone would not be bad also. Keep an eye out for tweet action that cause impulsive up moves that changes the entire...

alleytrader

Oil looks to be continuing its down move and is already below the red zone, so will be looking for spots to grab it short as long as we remain below the red zone.

alleytrader Updated 

After a big down move on Friday we got some retrace back up, but is comes with no consensus so will still be watching for teh traders commitment to direction, I am looking at things with I guess 2 over / under lines one at 57.07 and the other at 54.85 and as normal the opening red break zone. How e act at all these levels will be the information i will need to...

alleytrader Updated 

Over night we moved to one more ATH and then backed off back into a multi day range, so we have a neutral balanced direction free open, or at least so far it looks that way. will watch the open and see if any directional clues come out of the action. There are a few things that we can look for and that is a rth test of overnight highs and also some down side...

alleytrader

one more overnight long side trade that moves then balances, so remain leaning long until the market tells me otherwise. I do not really have any up side targets but if you had a good order flow package you could look for concentration of over head supply to get a target. a break below this zone in the over night could see some back filling operations and think...

alleytrader

oil is testing the high of a few days back, and if we break over those highs a balancing top for today would be 59.5. so a big move. This being a limited action week I do not see this as highly probable, but anything can happen. A break lower I expect to be a slower choppy trade filling in action through out the prior move.

alleytrader Updated 

oil is inside a multi day range and is testing higher, and if we get a higher break the 59 area is a possible test area for today. Any move lower has many layers of support and each one will need observation to see how the market response.

alleytrader

Overnight went big bull then came back into balance leaving us leaning about 60% long. Thinking a bit of a grinding choppy trade that then finds buyers and pushes to overnight high or at least try. Now in the event this does not happen and the choppy 10 point range break lower then the retrace back to the 3109 could be very fast. And a fast move could scare the...

alleytrader Updated 

The overnight is long and very sideways in a small contracted range. so looking for a smaller break out move to the blue levels indicated. At this point I will leaning to long side trades.

alleytrader Updated 

We are so far in a inside day in range and showing signs of a small movement for the day. I will try and catch inside reversing trades and reduce size on opposite red zone but hold on to see if there is a break out of the red zone for an extended move.

alleytrader Updated 

took this trade last night short form the line drawn

alleytrader Updated 

The oil moves are very bullish and i will be looking for a pull back to 58.40 area for a triggered long. Or a break above 58.75 and then a support retest.

alleytrader Updated 

overnight is mostly long and would think a further move to the upside and will look for a pull back to 3106 area or a break above 3115 for a retest long, If these do not happen to break out then will be a small choppy day.

alleytrader

S&P remains inside the prior day action but is testing higher on strong overnight upward action, and above the red zone should see it back around ath levels so will watch teh break close. If we remain inside the range could be a good size and still remain consolidated. Looking for impulsive indicators to get some continuation action from.

alleytrader

comments are marked on the chart.

alleytrader

over night is very balanced and inside so if we remain inside will be a very choppy day and will require great trading care due to size of range. Will look for a break out and support or resistance retest to take a directional trade. Watch red zone and first blue line on both top and bottom for a directional idea.

alleytrader

Oil remains bullish but is reaching some resistance and the up move will either explode or stall. will look long if top red zone becomes support. and short below red zone showing a few support areas that could keep the bull alive. remember oil inventory report today at 11:00 est so play safe.