traderdan59

traderdan59

Currently market is trading around where it closed yesterday. Yesterday market sold off very aggressively in the afternoon. Normally market will trade in a range after such sell off. We might get a rally later on during the day. It is always good idea to keep an eye on 50% range from High and low of yesterdays sell off range. There are couple of reports that...

traderdan59

Market rallied during overnight session. If market opens gap up, then it will normally try to close the gap before resuming its previous direction. There are few reports due today that could effect the market. Most significant are the FOMC meeting announcement and Fed Chair Press Conference. US:PMI Manufacturing Index 9:45 AM ET US:ISM Mfg Index 10:00 AM...

traderdan59

It is not good for bulls that the market sold off last hour of RTH. However, today we might get a repeat of yesterday. There are few important reports today that needs mentioning. US:Chicago PMI 9:45 AM ET USA US:Consumer Confidence 10:00 AM ET USA US:Pending Home Sales Index 10:00 AM ET

traderdan59

Expect market to rally first then go sideways. Later in the afternoon could be a major rally.

traderdan59

Based on ETH activity market will probably rally then be range bound. Very likely market will test yesterday's high since ETH session did not do so.

traderdan59

Yesterday market sold off after testing previous day's high. What is significant that the market sold off 3/4th of days range in 15 minutes at the end of RTH. I anticipate that we shall see a test of overnight high before any sell off.

traderdan59

Yesterday's rally stalled within few points of ATH. If market cannot take out yesterday's high then it will sell off.

traderdan59

Yesterdays rally which hardly had any volume, is very suspicious whether it is a bear trap or not. We might get a sideways day today. There is a report which could effect trading is US:New Home Sales 10:00 AM ET.

traderdan59

It seems that market will open gap down and try to close the gap. Otherwise, market will sell off. Important report will be out which could be a market mover. US:Existing Home Sales 10:00 AM ET

traderdan59

After such an aggressive selling of yesterday, expect the market to be a range bound day.

traderdan59

Currently market is testing high of yesterday after selling off during RTH. If bulls can not take out yesterday's high, then we might have a repeat of yesterday.

traderdan59

Since market is going to open gap up, it might sell off and try to close the gap and test 200 DMA. We will have to wait and see.

traderdan59

Market has been trading within a range during overnight session. RTH might be similar to overnight session since there is no significant report due that could impact the market.

traderdan59

Market is going to open gap up. Pattern suggests that we could expect a sell off then rally to close at high of the week. There is a report due today that could affect the market which is US:Consumer Sentiment 10:00 am EST.

traderdan59

Overnight session market tested Monday's high twice and got rejected. It is very likely that market will sell off today if it can not take out Monday's high.

traderdan59

need to be cognizant of couple of reports. US:EIA Petroleum Status Report 10:30 AM ET US:FOMC Minutes 2:00 PM ET

traderdan59

Overnight session, market has been selling off, and very likely it will open gap down. Then, it will probably rally to close gap before selling off.

traderdan59

During overnight session market made a high and sold off. It might test overnight session high before any direction. US:Factory Orders report is due at 10:00 AM ET, which could impact the direction of the market.