The monthly S&P500 Emini candle chart is in a strong bull trend, but overbought The S&P500 Emini monthly chart is in a strong bull trend, but it is overbought. Although there is a bull breakout on the weekly candle chart, the monthly chart is very overbought. It can continue to be overbought for a long […]
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Intraday market update, September 19, 2014: failed breakout above the bull channel
Time of update 7:26 a.m. PST. S&P500 Emini intraday market update for price action day traders The Emini gapped up and broke above the top of the 60 minute channel, but reversed down slightly. This is a failed breakout above the bull channel. There was only one bull candle in the first 11 bars. Although […]
Intraday market update, September 18, 2014: trading range price action
The Emini had a failed bear breakout early. This bull reversal controlled the price action for the rest of the day, resulting in a late bull trend resumption. End of day comments about today’s Emini price action and day trading The S&P500 Emini had a strong reversal up from a bear breakout attempt at 7:35 […]
Intraday market update, September 17, 2014: Trading range open
This chart is from just before the close. The FOMC report at 11 a.m. created the dominant price action feature of the day. It led to big reversals up and down, but it again failed to hold above 2,000. End of day comments about today’s Emini price action and day trading The dominant feature today […]
Intraday market update, September 16, 2014: bull trend
The Emini had a trend from the open bull trend. End of day comments about today’s Emini price action and day trading The Emini reversed up from a higher low major trend reversal that formed over two days. Today’s low was a double bottom with the first entry, which formed at 9:05 a.m. yesterday. At […]
Intraday market update, September 15, 2014: bull trend reversal
I had to leave a few minutes early, so this chart does not include the final few bars. The S&P500 Emini reversed up from below yesterday’s low with an expanding triangle bottom. It then had a higher low major trend reversal and wedge bull flag at 9:05 a.m. PST. End of day comments about today’s […]
Emini weekend update: September 14, 2014: trading range
The monthly S&P500 Emini candle chart is in a strong bull trend but overbought The S&P500 Emini monthly chart is in a strong bull trend. It is too early to comment on this month’s candle other than to say the price action is overbought and the stock market will probably pull back soon. I have […]
Intraday market update, September 12, 2014: trading range price action
The Emini sold off at the open and then again from a wedge bear flag at 8 a.m. It traded down in a bear channel until noon, when it reversed up from a lower low major trend reversal. End of day comments about today’s Emini price action and day trading Today is a Friday, so […]
Intraday market update, September 11, 2014: lower high major trend reversal
The rally on the open formed a lower high major trend reversal of yesterday’s bull channel. The Emini then sold off and formed double bottom with the open. The reversal up was a higher low major trend reversal of the 3 day bear trend. End of day comments about today’s Emini price action and day […]
Intraday market update, September 10, 2014: trading range open
The Emini reversed up from below yesterday’s low. It stalled at a measured move up from the low to the open of the day, and at the bear trend line, and the 60 minute moving average, but then rallied into the close. End of day comments about today’s Emini price action and day trading The […]