I posted this chart after the close. The Emini today had a strong bull trend reversal up from below yesterday’s low, and it offered many buy setups for day traders. The Emini and S&P500 had 60 minute lower low major trend reversals. The Emini had consecutive buy climaxes up to the resistance of a measured […]
Intraday market update, Tuesday, Aug 5, 2014: opening reversal
I posted this Emini chart after the close. The stock market today remained in a trading range until 10:40 am PST when it had a very big bear breakout bar. Day traders who were watching were able to sell as the bar formed. When a bar is that big, the odds of more selling are […]
Intraday market update, Monday, Aug 4, 2014: tight trading range
I posted this chart after the close. Today’s Emini price action was controlled by yesterday’s strong reversal up. The odds favored a second leg up. During the first hour of day trading, the stock market was in a tight trading range within yesterday’s trading range. That made a trading range day likely. However, the bulls […]
Emini weekly update: Sunday, August 3, 2014: daily bear trend reversal
You can either watch the video version, or look at the charts below and read the commentary. The two versions are similar, but not identical. Please note that if you currently get the intraday updates, I will sometimes add to the update later in the day, but will not send out a second email. If […]
Intraday market update, Friday, Aug 1, 2014: stock market bear trend reversal
I posted this chart after the close. Yesterday formed a huge bear breakout on the daily stock market charts. After an early, big rally today, the Emini fell to a new low of the day. Whenever a rally goes that far above the open, there is a lot of buying pressure, and that reduces the […]
Intraday market update, Thursday, July 31, 2014: gap down and breakout below monthly support
I posted this Emini chart after the close. The Emini gapped down and then entered a trading range from 8:00 am to 11:30 am. This was followed by bear trend resumption into the close. The daily and 60 minute charts are always in short. The breakout was very strong and will probably have at least […]
Intraday market update, Wednesday, July 30, 2014: failed bull breakout on an FOMC report day
I posted this chart after the close. The Emini sold off early and fell below last week’s low and the open of the month. It then reversed up from an expanding triangle bottom, which is always a lower low major trend reversal. There was an 11:00 am FOMC report. The bear breakout below the triangle […]
Intraday market update, Tuesday, July 29, 2014: wedge top bear trend reversal
I posted this chart after the close. The Emini had a wedge top bear trend reversal after yesterday’s final flag. The Emini and S&P500 then reversed up from a wedge bottom. The Emini formed a wedge lower high major trend reversal and then trended down into the close. The overall pattern was very similar to […]
Intraday market update, Monday, July 28, 2014: bull trend reversal
I posted the chart after the close. The Emini sold off and tested last week’s low, and then reversed up from a small wedge bottom. It formed a higher low major trend reversal at 9:45 am, and then rallied to a new high of the day, but failed to get above yesterday’s high. Today bounced […]
Emini weekly update: Sunday, July 27, 2014: Possible buy climax in an overbought bull trend
The Emini weekly chart is at the top of the channel and it is forming a possible buy climax in an overbought bull trend. Three weeks ago, the weekly Emini had a small breakout above the top of the channel, and this week, it briefly broke above a measured move target (for the projection, I […]
