I posted this chart after the close. Today sold off to a parabolic wedge bottom just above yesterday’s low, but the selling lacked consecutive big bear trend bars. This made the selloff more likely a bear leg in a trading range rather than in a bear trend. Also, since yesterday (Friday) was such a strong […]
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Weekly market update, Saturday, July 20, 2014: breakout of the trend channel
The weekly Emini candle chart shows the market testing the top of the bull channel, setting up either a bull breakout or, more likely, a failed bull breakout of the trend channel. The most important price action in the weekly market update is the attempt to breakout of the trend channel. Most attempts to break […]
Intraday market update, July 18, 2014: bull trend reversal
I posted this chart after the close. Yesterday had a sell climax in a tight bear channel so the odds favored a rally today that would last at least a couple of hours. The Emini candle chart had a small pullback bull trend day, and it closed near the open of the week, creating a […]
Intraday market update, July 17, 2014: parabolic wedge top
I posted this chart after the close. The market again rallied above last week’s high, but reversed down from a parabolic wedge top. It formed a wedge bottom at the low of the day and held above the most recent 60 minute higher low. After testing the open, it began a small pullback bear channel […]
Intraday market update, July 16, 2014: second failed breakout
I posted this chart after the close. The Emini sold off again from above last week’s high. However, the bear trend on the open looked more like a bear leg in what would probably become a trading range, which was the case. The bulls bought the wedge bull flag for the low of the day, […]
Intraday market update, July 15, 2014: failed weekly buy signal
I posted this chart after the close, showing all of the day’s Emini price action, including the failed weekly buy signal that occurred 20 minutes into the day. The Emini reversed down after triggering a high 1 buy signal on the weekly chart. The wedge bottom at 7:20 am PST failed, and the market fell […]
Intraday market update, July 14, 2014: gap up bull trend
This chart was posted after the close. The Emini and stock market gapped up, but then entered a tight trading range for the rest of the day. The bulls want a breakout above the top of the 60 minute wedge top. The bears want a double top and then a bear breakout below the neckline. […]
Intraday market update, July 11, 2014: last week is a sell signal bar
The Emini was in a triangle for the first three hours of the day and then had a bull breakout. The bulls wanted a second leg up after the strong reversal up yesterday from the failed breakout below last week’s low. Posted 7:41 am PST. The key feature in today’s intraday update is the test […]
Intraday market update, July 10, 2014: gap down but reversal up
Chart posted after the close. Gap down and reversal up because today fell below last week’s low. That made today the first pullback in a 10 bar bull microchannel on the weekly chart. Odds favored the first bear reversal would fail. However, the market usually tries to get above the top of the microchannel and […]
Intraday market update, July 9, 2014: opening reversal
This chart was posted after the close. The Emini and stock market had a strong bull opening reversal at the moving average, which controlled the day’s price action. Bulls kept buying pullbacks, and none fell below the bottom of the bull breakout that began at 7:25 am. Posted 7:52 am PST. The key feature in […]
