Posted 6:54 a.m. The S&P Emini futures contract was likely to have a 2nd leg down after the strong selloff into yesterday’s close, and today’s open satisfied that minimum goal. Although a strong bear trend day is possible, yesterday had a 3 hour trading range after a strong rally, and this selloff is more likely […]
Intraday market update, April 24, 2015:
Intraday market update, April 23, 2015:
Day trading tip is to expect a trading range
Posted 6:53 a.m. The Emini tested the 60 minute moving average and the bottom of the channel on the open, but the selloff from yesterday’s high was only about 10 bars and that is probably not enough to correct a rally that lasted 60 bars. Yesterday was an outside day at the top of the […]
Intraday market update, April 22, 2015:
Daytraders expect more trading range price action
Posted 6:55 a.m. The S&P Emini futures contract sold off on the open and created a trend from the open bear trend. It fell below yesterday’s higher low, which is a sell signal. However, the price action for two days has been one of failed breakouts, so the down side might be limited to a […]
Intraday market update, April 21, 2015:
Futures trading strategy is to be ready for a trend
Posted 6:52 a.m. The Emini futures contract opened with a gap up, but it immediately sold off to the moving average. The bulls are hoping for an opening reversal up and the low of the day, but the selling was strong enough up so that the first rally will probably result in a trading range […]
Intraday market update, April 20, 2015: Online day traders will look for a trading range
Posted 6:54 a.m. The Emini gapped up and closed last weeks gap down from last week’s 2 day island top. It is a trend from the open bull trend and the first reversal down will probably be bought. However, this rally is testing the breakout point on the 60 minute chart for last week’s selloff, […]
Emini weekend update: April 18, 2015:
ioi candlestick pattern on the monthly chart
Monthly S&P500 Emini candle chart: Overbought with an ioi sell signal bar The monthly Emini candle chart is in a strong bull trend, but it is climactic. If the ioi candlestick pattern remains as it is now, it will be a sell signal for next month. The monthly S&P500 Emini candle chart continues in a […]
Intraday market update, April 17, 2015:
Day trading strategies for a wedge top
Posted 6:45 a.m. The Emini sold off strongly on the open and is always in short, but the first 2 bars were dojis and the 3rd bar was a sell climax. The Emini is far from its moving average. This is probably an early sell climax and it will probably lead to a trading range […]
Intraday market update, April 16, 2015:
Candlestick pattern is a triangle on the daily chart
Posted 6:47 a.m. Although the Emini S&P500 futures gapped down today and the high probability trading strategy over the next few days is to look to sell for a test down after the 60 minute wedge top, the Emini opened with big dojis at support (the 60 minute moving average). This is a trading range […]
Intraday market update, April 15, 2015:
Trading price action in a triangle
I will post around 6:45 a.m. Yesterday ended always in long, and today began with a rally, but the bull trend bars were not big and there is resistance at the March FOMC meeting high and at last week’s high, both around the round number of 2100. This increases the chances that the rally will […]
Intraday market update, April 14, 2015:
Triangle top or a pullback from a bull breakout
Posted 7:00 a.m. The bulls had a strong first bar of the day, but it formed a double top with a lower high at the end of yesterday. Although the Emini fell to a new low of the day, nothing has changed from what I wrote earlier today. The odds still favor a 2 hour […]
