Posted 7:15 a.m. The market had a big gap up, but then tested the bottom of yesterday’s trading range. The trading for the first 30 minutes was tight trading range price action. The big gap up after yesterday’s big selloff increases the chances that this early selloff will become a bear leg in a trading […]
Intraday market update, December 15, 2014:
Emini weekend update: December 13, 2014:
bear trend on the 60 minute chart
Monthly S&P500 Emini candle chart: Failed bull breakout on the monthly chart, and there is now a bear trend on the 60 minute chart The bear candle on the monthly chart is close to totally reversing November’s rally. Although this week’s selling was enough to create a bear trend on the 60 minute chart, the […]
Intraday market update, December 12, 2014:
double top bear flag
Initially posted 6:15 a.m., and then updated 7:05 a.m. The Emini gapped below the neckline of the 3 day double top bear flag, but reversed up sharply. However, yesterday’s selloff was steep and this increases the chances that the Emini will go sideways for many bars after the initial rally, rather than straight up to […]
Intraday market update, December 11, 2014:
strong bull trend
Posted 6:45 a.m. The Emini began with a strong bull trend and formed a trend from the open bull trend. It is always in long. The rally is strong enough to make a bear trend day unlikely. However, the day could become a trading range day. If so, the Emini will then make a choice […]
Intraday market update, December 10, 2014:
trend from the open bear trend
Posted 7:10 a.m. The Emini opened at the bottom of yesterday’s trading range, and then had a bear breakout. This is a trend from the open bear trend. The bears prefer a strong bear breakout and a trend from the open bear. They do not mind if the Emini rallies as long as it fails […]
Intraday market update, December 9, 2014:
island top
Posted 6:50 a.m. Today opened with a big gap down, creating a big island top with the November 21 gap up. Most gaps up and down have failed over recent weeks. However, the Emini is so overbought on the higher time frames that traders are aware that a correction down can happen at any time. […]
Intraday market update, December 8, 2014:
possible higher high major trend reversal
Posted 7:15 a.m. Although the Emini opened with an expanding triangle buy setup on the first bar, the signal bar was a doji and it is in the middle of a 4 day trading range. The Emini then entered a tight trading range. Although there have been many swings up and down over the past […]
Emini weekend update: December 6, 2014:
strong bull trend
Monthly S&P500 Emini candle chart: Strong bull trend, but overbought The monthly S&P500 Emini chart is in a strong bull trend and there is no sign of a top. Although the monthly S&P500 Emini candle chart is extremely overbought, the first reversal down probably be bought, as is the case with small pullback bull trends. […]
Intraday market update, December 5, 2014:
weekly support and resistance
Posted 7:29 a.m. As I write, the Emini is always in long and in a bull channel, but it is still below yesterday’s high. The bulls need a breakout soon, or the market will reverse and test yesterday’s low. Also, they need follow-through after that breakout if today will become a bull trend day. Otherwise, […]
Forex scalps, December 4, 2014
The weekly EURUSD chart is forming a wedge bottom and traders are buying low. Day traders are more willing to look to buy, especially strong reversals up. There were several scalps up and down on the 5 minute chart today. I have had many requests to post Forex scalps, and am doing so today. On […]
