Posted 7:37 a.m. There was some initial follow-through selling, but the bulls are still looking for a two hour rally. They do not yet have a credible bottom, nor do they have a bull breakout. They need a better bottom or a bull breakout. Otherwise, the bears might get a bear breakout below the tight […]
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Intraday market update, January 29, 2015:
Intraday market update, January 28, 2015:
Breakout mode and there is an FOMC report
Posted 6:54 a.m. The Emini opened in a limit order market. Since the market is in the middle of a 3 week trading range, it is in breakout mode, and there is an FOMC report at 11 a.m. There was disappointing follow-through from the initial reversal down, and the reversal up has not been strong […]
Intraday market update, January 27, 2015:
Double top bear flag
Posted 6:57 a.m. The Emini opened with a big gap down, but had early trading range price action. This often is the start of a sideways to up move to get closer to the moving average. At that point, the Emini decides between an opening reversal down and a trend up. The downside is probably […]
Intraday market update, January 26, 2015:
Pullback before another breakout attempt
Posted 6:51 a.m. The Emini opened with the biggest bear trend bar of a 30 bar bear trend. This was more likely an exhaustion gap than a measuring gap. However, when the channel is as tight as it is, the first reversal up usually forms a trading range and not a trend reversal. The bulls […]
Weekly Forex update, January 24, 2015:
Sell climax and an exhaustion gap
Monthly Forex EURUSD candle chart: Strong bear breakout below head and shoulders bottom The monthly EURUSD Forex chart is in a strong breakout below a head and shoulders bottom. A failed bottom usually falls for at least two legs and it typically reaches a measured move projection. The monthly Forex EURUSD candle chart is breaking […]
Emini weekend update: January 24, 2015:
Double top and double bottom on the daily chart
Monthly S&P500 Emini candle chart: Strong bull trend, but overbought The monthly Emini candle chart is in a strong bull trend, but it is very overbought. The monthly S&P500 Emini candle chart is in a strong bull trend, but it is very overbought and probably will have a 20% correction at some point this year. […]
Intraday market update, January 23, 2015:
Buy climax that is testing resistance
Posted 7:06 a.m. The Emini opened with multiple reversals after yesterday’s buy climax. This is trading range behavior, which is typical after a buy climax. The rally yesterday was big enough so that there probably will be swing trades within the trading range, but at the moment, a trading range is most likely for the […]
Intraday market update, January 22, 2015:
Bull breakout of a wedge bear flag
Posted 6:45 a.m. The Emini broke above the top of the 5 day bull channel on the open. This is a wedge bear flag. It then reversed down, as expected. The bears are hoping for a bear trend day. The bulls would like the selloff to be a bear leg in a trading range. If […]
Intraday market update, January 21, 2015:
Breakout mode
Posted 7:15 a.m. The Emini opened with a strong opening reversal up from the 60 minute moving average. However, as expected in a trading range, the follow-through was bad and the market reversed down from its breakout above yesterday’s high. Even though the second bar of the day was a huge bull reversal, this bad […]
Intraday market update, January 20, 2015:
breakout of a bull flag
Posted 7:03a.m. The Emini reversed down strongly from above yesterday’s high and the top of yesterday’s bull channel and became always in short. However, yesterday’s rally was strong enough so that the bears will probably need a major trend reversal if this is to turn into a bear trend day. This means that there will […]
