mingjong

08:35

mingjong

S&P 500 futures ( CME_MINI:ES1! ) rose more than 1% to test 2800 psychological level in the Asia session, ahead of the earnings season, which is set to kick off later today. High volatility is expected as majority of the companies are affected by the COVID-19. 13 Apr 2020 recap - on the daily chart, S&P 500 futures had a reaction with lower volume on top of a...

03:42

mingjong

S&P 500 futures ( CME_MINI:ES1! ) slide more than 1% in the Asia session after OPEC plus reached a deal in record oil production cut of 9.7 million barrels per day.  On the hourly timeframe, S&P 500 futures dropped sharply at the opening candle to below the support level at 2750. Subsequently it is forming an apex formation during London session, suggests...

04:51

mingjong

9 Apr 2020 recap - Gold futures ( COMEX:GC1! ) jumped up 4% on last Thursday fueled by the worst jobless claim numbers together with trillion dollars injection by the FED. The volume was low on that breakout day suggested the the strong spike up was on the background of lacking of supply.  On a higher timeframe, 1750–1800 levels are resistance as seen in...

06:14

mingjong

9 Apr 2020 recap - S&P 500 e-mini futures ( CME_MINI:ES1! ) attempted to break 2800 but encountered strong supply. Though supply was present on Thursday session, there is no significant bearish result. In fact, there is some absorption of the supply as shown in the demand tails on the H4 chart.  The presence of supply has caused shortening of the upward thrust,...

05:51

mingjong

9 Apr 2020 recap - just when every one cheers up on a deal among Saudi Arabia, Russia and OPEC regarding production cut, crude oil futures( NYMEX:CL1! ) was sold into strength and broke the support at 24. Crude oil had a jump initially to test 28 but was quickly rejected and dropped below 24.  Volume has increased during the slump of the crude oil futures...

07:26

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8 Apr 2020 recap - S&P500 e-mini futures CME_MINI:ES1! had a strong rally up and closed near the high around 2750. The strong price action has totally ignored the bearish tone set in 7 Apr 2020, where ES was up more than more than 3% but closed down on the day. In 2008, similar situation had happened a few times, such as on 3, 14, 17 Oct 2008. Every times...

07:07

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7 Apr 2020 recap - S&P500 e-mini futures (ES) tested the target around 2700-2770 yesterday and had an up thrust movement on level 2700 before closing below 2650, as per my trading idea yesterday. It had a great run-up during the non regular trading hours (RTH). However, weakness did show up during the US session. ES was rejected from the target 2700-2770 with...

06:13

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6 Apr 2020 recap - S&P500 e-mini futures (ES) had a great rally to take out the immediate resistance at 2525 during the non-Regular Trading Hour (RTH) and to further commit above 2600-2635 during the RTH. Since ES broke out the trading range between 2440-2630, it is expected to test the higher target at 2700-2770. It is worth noting that the upside target at...

06:47

mingjong

3 Apr 2020 recap - ES did rally to level 2525 and was rejected again. In smaller time frame (M1, M3), it did provide great short entry after the up thrust of the level. However, ES only managed to test 2450 and bounced up from there. The low volume without aggressive demand caused ES to drift down. Should ES still stuck below 2525, it should break down to test...

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2 Apr 2020 recap - Although yesterday was a bullish day, the character does not confirm this. It started with ugly numbers of jobless claims, which drove ES down to spring the low (around 2433) of the previous day followed by a rally up to test 2525 thanks to a spike up in crude oil. It was highlighted in M15 chart that the 2 candles tested the 2525 level has...

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1 Apr 2020 recap - Major movement of ES happened during non-RTH. Level 2450 was tested from the last 4 H1 bars and defended eventually. The last hour bar did spring the prior swing low and form a demand tail. The magnitude of the down move might be significant but without aggressive supply. Daily volume is slightly lower than the previous day (31 Mar 2020)....

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31 Mar 2020 recap - After tested the last hour bar from 30 Mar 2020, ES rallied up but failed to overcome the resistance formed by the swing high. Last hour supply spike is the greatest since the bottom was formed on 23 Mar 2020. Possible start of a reaction. Bias - swing down to test 2500, 2450. Potential intraday setup - Either direction can be traded....

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30 Mar 2020 recap - The weak rally up to test the last hour bar happened during non-RTH. Yet no follow through to the down side. Level 2450 was defended. Trending up with low volume, suggests both demand and supply are low. Committed above 2600 could send ES to test resistance at 2650 and 2700 during RTH. Refer to the related idea link. Bias - rally up to...

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27 Mar 2020 - last hour sell off with big spread looks threatening. Yet, it still formed a higher low and within the H1 up channel. Expect a test of the bearish last hour bar during non-RTH on Monday. A break of the up channel and 2500 should send ES to test 2400-2450. Overall H1 structure - potential up thrust of 2550 level followed by a test (last hour bar...

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25 Mar 2020 - Climatic run up with increasing volume followed by biggest down wave with highest supply. Bearish reaction with slow grinding down move during non-regular trading hour (RTH). Could it be preliminary supply? 26 Mar 2020 - Another climatic run up after shocking number of jobless claim (think this ugly number will pressure the House to approve the...

mingjong Updated 

MYX:7164 appears to complete the re-accumulation process. The sign of strength (SOS) rally initiated on 9 Oct was followed by a back up action. The back up action seems near completion as it has the character of supply absorption after two weak reactions. The next target based on Point & Figure projection - 0.54-0.585 A fall below 0.43 would violate the the...

mingjong Updated 

MYX:6963 An up-sloping accumulation structure suggests strength. Potential in phase D SOS rally. Supply absorption is near completion. Likely to see ease of movement to rally up further in phase E. First target at 1.60 with a tight stop around 1.20.

mingjong Updated 

MYX:5292 Some might call it a cup and handle breakout. Some might call it a double bottom or a triangle breakout. It doesn't really matter as long as the breakout can be sustained. The breakout comes with decent demand and currently seems like a backup action in progress with low supply, which is encouraging. The accumulation zone suggests the supply...