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 […]
Intraday market update, November 10, 2014:
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 […]
Intraday market update, November 4, 2014:
first pullback in a fourteen day bull microchannel
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 […]
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 […]
