Posted 6:01 a.m. I leave early today and I am posting this before the open. Here are my observations. Today’s big gap up above the weekly channel is a low probability event and therefore it will trap scale-in bears in; bears who have been selling near the top of the channel are now holding a […]
Intraday market update, November 21, 2014:
Intraday market update, November 20, 2014:
ABC pullback and trend reversal up from below the low of yesterday
Posted 7:02 a.m. The Emini opened with ABC pullback and trend reversal up from below yesterday’s low (high 2 bull flag). However, the bars were not big and there were prominent tails. Although this might lead to an opening reversal down at the moving average, the rally is strong enough so that the first reversal […]
Intraday market update, November 19, 2014:
sell vacuum test of support
Posted 7:05 a.m. Today opened with a sell vacuum test of support, which is at the bottom of yesterday’s channel and at the 60 minute moving average. It then briefly became a limit order market. This increases the chances that today will be a trading range day. Because of the sell climax on the open, […]
Intraday market update, November 18, 2014:
possible parabolic wedge top buy climax
Posted 7:15 a.m. The Emini has a possible parabolic wedge top buy climax. It had a strong breakout to a new all-time high on the open and it is clearly always in long. However, a strong rally like this is usually followed by a trading range that lasts for hours and it often becomes the […]
Intraday market update, November 17, 2014:
tight trading range in an overbought bull trend
Posted 7:15 a.m. The Emini opened with a tight trading range in an overbought bull trend. It is within yesterday’s tight trading range and within the tight trading range of the past 6 days. This is a limit order market. Bulls are buying below bars and scaling in lower, bears are selling above and scaling […]
Emini weekend update: November 15, 2014:
weekly bull trend is losing momentum
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 […]
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 […]
