Posted 7:02 a.m. Today was the first pullback in a fourteen day bull microchannel so the odds are, there will soon be buyers. The Emini traded below yesterday’s low, as expected, but yesterday’s trading range price action continued in the open. Until there is a strong breakout up or down, with follow-through, traders will take […]
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Intraday market update, November 4, 2014:
Intraday market update, November 3, 2014:
weak breakout attempt above the all time high
Posted 7:03 a.m. The Emini began with a weak breakout attempt above the all time high, creating a trading range open at a critical price. It is just above the September high, and the bulls want a breakout and measured move up. The bears want a double top. Traders are waiting for a strong setup […]
Emini weekend update: November 1, 2014:
Strong bull trend, but possible double top
There was bull outside candle on the monthly chart of the S&P500 Emini The monthly Emini chart traded above the September all-time high by 1 tick today and closed near that high. It formed a big outside bar candle. I have talked many times about how overbought the monthly chart is, but there is no […]
Intraday market update, October 31, 2014:
gap up to an all time high
Posted 7:08 a.m. In the first minute of the Emini, there was a gap up to an all time high. It traded above the September high by 1 tick, which was the all-time high. This created an outside month on the monthly chart, and the candle closes today. The big gap up was met by […]
Intraday market update, October 30, 2014:
bear breakout below the bull microchannel
Posted 7:18 a.m. The daily Emini bears want a bear breakout below the bull microchannel of the last 11 days (every low has been above the prior day’s low for 11 days). This is climactic. The first bear breakout below a bull microchannel is usually bought, since the microchannel is a sign of strong buying […]
Intraday market update, October 29, 2014:
FOMC report
Today was an FOMC report day, but the server for the site was down today and I did not post a comment after the first hour. If I did, it would have been what I wrote yesterday, that the Emini was likely to trade down for a couple of hours after yesterday’s parabolic wedge rally […]
Intraday market update, October 28, 2014:
gap up but weak rally
Posted 7:16 a.m. There was a gap up but weak rally in the Emini. The bears triggered a small wedge top for a swing sell. The daily chart has been in a trading range for at least 6 months. In a trading range, when there are two resistance levels that are close to one another, […]
Intraday market update, October 27, 2014:
Nested wedge top
Posted 7:11 a.m. The Emini formed a nested wedge top on Friday. Friday’s wedge top was the 3rd leg up in a larger, 4 day wedge top. After 3 dojis on the open, the Emini had a bear breakout. Support below is the 60 minute moving average, yesterday’s low, and the bottom of the 4 […]
Emini weekend update: October 25, 2014: bull breakout and trend reversal on the weekly chart
The monthly S&P500 Emini is reversing up sharply from a test of the moving average and last year’s close The monthly Emini chart has been in a small pullback bull trend, which limits the downside over the next several bars. The Emini reversed up sharply from just above the moving average. It looks like it […]
Intraday market update, October 24, 2014: tight trading range for scalping
Premarket price action analysis For tomorrow’s analysis, wait until after today’s close. Then, look at the bottom of this post for “Outlook for tomorrow’s Emini price action and day trading.” If you want to see today’s premarket analysis, I posted it after yesterday’s close in yesterday’s blog at S&P500 Emini intraday market update. S&P500 Emini […]
