Posted 7:11 a.m. The Emini opened today with a continuation of yesterday’s weak bear channel. It is testing yesterday’s low, which was last week’s low. It should reach the weekly moving average today or tomorrow, and possibly within the first couple of hours. Because this selloff lacks consecutive big bear bars and is testing support, […]
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Intraday market update: June 8, 2015
Emini weekend update: June 6, 2015:
Price action trading at a wedge top
Monthly S&P500 Emini futures candlestick chart: Strong bull trend, but buy climax The monthly S&P500 Emini futures candlestick chart has been above its moving average for 36 months, and this is extremely unusual. There is about an 80% chance of a pullback this year to the moving average, which is about 10% below the high. […]
Intraday market update: June 5, 2015
Trading price action after a big gap
Posted 7:07 a.m. The Emini sold off strongly on the open, but the selloff tested the bottom of a possible 5 day expanding triangle. Also, yesterday’s late trading range is a possible final flag, and a smaller expanding triangle. The bulls are hoping for an early low of the day. The bears want any early […]
Intraday market update: June 4, 2015
Price action trading in a trading range
Posted 7:15 a.m. The S&P Emini futures contract opened with a series of big bars and reversals, creating an early limit order market at yesterday’s low. It then reversed up strongly to the 60 minute moving average. It is always in long, but follow-through has been bad after strong breakouts for the past week, and […]
Intraday market update: June 3, 2015
Swing trading strategies for a breakout
Posted 7:30 a.m. The bulls got an opening reversal at the moving average, and then rallied above yesterday’s high and the 60 minute bear trend line. However, the breakout so far has had weak follow-through buying and this increases the chances that the current bull leg will end up as part of a trading range. […]
Intraday market update: June 2, 2015
Day trading strategies at support
Posted 7:09 a.m. The Emini sold off on the open, but reversed up from below yesterday’s low and the bottom of the 3 day trading range. The reversal was an expanding triangle bottom with a micro double bottom. However, the channel down from 68 yesterday was very tight, and this usually limits the extent of […]
Intraday market update: June 1, 2015
Day trading strategies for possible trend resumption
posted 7:15 a.m. The Emini reversed down from the neckline of a double bottom from yesterday and sold off sharply to test yesterday’s low. The selloff was big enough to make a bull trend day unlikely, but since the Emini reversed up so strongly, a bear trend day is unlikely as well. The reversal up […]
Emini weekend update: May 30, 2015:
Price action trading strategies in a buy climax
Monthly S&P500 Emini futures candlestick chart: Buy climax, but not yet high probability trading for the bears The monthly S&P500 Emini futures candlestick chart is in a small pullback bull trend, but the past 7 weeks have been essentially in a tight trading range that is sloped upward. The monthly S&P500 Emini futures candlestick chart […]
Intraday market update: May 29, 2015
Candlestick pattern is a buy signal bar
Posted 7:09 a.m. Although the Emini sold off on the open, there was a lot of two-sided trading within yesterday’s trading range. This is a trading range open and it increases the chances of a lot of trading range price action today. The bulls want a double bottom with yesterday’s low or a failed breakout […]
Intraday market update: May 28, 2015
Forex price action shows an overbought dollar
Posted 7:15 a.m. After yesterday’s buy climax, two-sided trading was likely today, and today opened in the middle of yesterday’s channel and between the 5 and 60 minute moving averages, and the first several bars were sideways and had prominent tails. This is a trading range open, and it is a sign that today might […]
