Monthly Emini chart: weak follow-through buying The monthly S&P500 Emini chart: weak entry bar after last month’s bull reversal bar The monthly Emini chart is very overbought. This makes a trading range likely soon, and it could last a year or more. Bulls will continue to buy selloffs to the moving average and the October […]
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Emini weekend update: November 15, 2014:
Intraday market update, November 14, 2014:
broad bull channel
Posted 7:25 a.m. The day began with a continuation of yesterday’s broad bull channel. The odds are that it will evolve into a trading range. Less likely, it will have a bull breakout and become a strong bull trend. The bears need a second entry short or a strong bear breakout. As I write, the […]
Intraday market update, November 13, 2014:
Posted 7:24 a.m. The Emini ended yesterday in a bull trend and it had consecutive bull bars on today’s open, reaffirming the trend. However, the initial rally lacked big bull bars and strong follow-through. This means that it is not yet likely that this will be a trend from the open bull trend day. The […]
Intraday market update, November 12, 2014:
Gap down in an overbought bull trend
Posted 7:14 a.m. Today opened with a gap down in an overbought bull trend. Day traders are looking for a strong breakout with follow-through up or down before they are willing to swing trade. Until then, they will mostly scalp. Since 6 of the past 8 days were doji candles on the daily chart, the […]
Intraday market update, November 11, 2014:
trend resumption or trend reversal
Posted 7:12 a.m. The Emini opened within yesterday’s trading range and the trading range price action continued. It is in breakout mode in an extremely overbought market, and this will lead to either trend resumption or trend reversal. Day traders are waiting for a strong breakout up or down, with consecutive strong trend bars. Until […]
Intraday market update, November 10, 2014:
Buy climax on the daily chart, but there is no clear sell signal
Posted 7:08 a.m. There is a buy climax on the daily chart, but there is no clear sell signal yet. The Emini had a trading range open and it is likely to enter a tight trading range on the daily chart after such a climactic bull microchannel. However, there will still probably be at least […]
Emini weekend update: November 8, 2014:
Strong bull trend, but a pullback is likely next week
Monthly Emini chart: weak follow-through buying The monthly S&P500 Emini chart has had weak follow-through buying after last month’s strong bull reversal. However, it is too early in the month to draw any conclusions. I have talked many times about how overbought the monthly chart is, but there is no top. An overbought market can […]
Intraday market update, November 7, 2014:
trading range open in a strong bull trend
Posted 7:18 a.m. The Emini opened with a trading range open in a strong bull trend. It will decide between closing above yesterday’s high, creating an all-time weekly high close, or below weekly support below. Traders need to see a strong breakout up or down, with follow-through, before swing trading. Since the targets above and […]
Intraday market update, November 6, 2014:
Opening reversal and a close at an all-time high
Posted 7:15 a.m. Today began with a trading range open after briefly testing above yesterday’s high, which is the all-time high. It is also following 4 trading range days, and this increased the chances that today will again have mostly trading range price action. Yesterday’s range was small so today could become an outside down […]
Intraday market update, November 5, 2014:
all-time high, double top, and expanding triangle
Posted 7:02 a.m. The Emini opened with a trend from the open bear trend, reversing down from a new all-time high, double top, and expanding triangle on the daily chart. The initial selling was so strong that the odds of an opening reversal and bull trend day are low. Today will probably be either a […]
