very balanced over night and will watch red zone for further action. There is a big pension plans re balance that will happen today so could be one more bearish day, but as we know they are just dips to buy.
ES, yesterday was a price discovery day and had very little balance c/w a strong v bottom. The V bottom acted like a lot of short covering on the run up. the over night session did provide a good balanced action in the Es but not bad lower balancing in the NQ. For me to think we have reached a temp top would like to see a day session blow off and so far we have...
looking for a 2999 target now on this drop or the next drop after a bounce. So will like to see a bounce to short.
Looking like one more day inside a very big balance area. The comment of 2950 being the epicenter of the range remains in tack. This is a very big range of 65 plus points so plenty of trading room inside of balance. The over night session is pointing to lower moves in price but not sure on a Friday prior to a long weekend is the time to expect that to happen. ...
Es/ SPY/SPX has had a night of tightening coil and could see a nice move soon watch the red zone. The top red zone could also become a area of chop. This is a market of low participation and low energy. This condition will not last for ever. Will be watching for a nice sized move to give a better clue to next moves direction.
Over night is in range but unbalanced so will be looking for a rapid balancing move or a very choppy session. post open will tell me lots.
Es Today, we have a lower move with acceptance so figure the down side is not down, however today could be a choppy day but will watch for breaks of the chop zone. The chop zone is 2786-2816-18. 09 will seem to have lots of attraction so that should be the choppiest part of the range. If after this post we break lower than after open a retest of the chop bottom...
Oil got a snap higher on SA talking about cutting 1 million more barrels a day of production. CL is very range bound and needs a solid directional break out for some unbalanced action. I can not use the usoil chart right now due to not knowing what it is tracking
Looks like an important support level at 22.45 with first target shown. In the event we go higher will find a upper target then.
Take a look last time S&P 500 number of stocks over the 20 ma went so low and then in 3 weeks or less went up to almost 100% the market moved up for a long time. For this to happen again I think the tracker has to move back up over the middle blue line and hold. Will be watching to see how that 20 ma supports or rejects the spx500 stocks.
alleytrader:arrows_clockwise: 8:46 AM ES trading in a larger range today and looking for continuation after a possible retrace of some of the over night action. 2846 would be a great spot but probably far to deep so will be watching for a spot further up. If we break the overnight high I feel we could go to 2892 if we do head out the bottom then 2826 is possible
Published in slack pre open alleytrader:arrows_clockwise: 8:18 AM ES, Today. decent over night down move probably in reaction to berkshire earnings report. the move is balancing with a slight bullish bias, the areas I am watching are 2784 and 2815, above 18 we run into 2822 and until over that will remain only modestly bullish, and above that level a target of...
will be watching the blue line support very close, and holding above will be good signal to look long for a few days.
The basis of the trade is marked in the info on the chart
Today after a down move from Sunday open oil has been working in complete balance with a slight skew to the lower side. will be watching the red zone close along with the signals after teh opening of the RTH session.
I know this is going to get me lots of hate mail. but a very good oil short is setting up today.
I do not have much to say, other than I have been and remain short oil!
SPX500 lines on chart are 5 to 8 points higher than the ES numbers posted below This was the 8:300 premarket post; ES today, The big multi day distribution is the real indicator to what the big picture market wants to do so pay attention to that when we got to those levels. But for today's trade ideas I am looking at 2840 and 2875 for the break outs and inside...