Obamacare repeal is not cause of May June correction Updated 6:55 a.m. While the Emini gapped above yesterday’s high, it sold off and closed the gap. In addition, the 1st several bars had bear bodies and prominent tails. But, the bears were unable to create consecutive big bear trend bars. The open therefore looks like […]
Obamacare repeal is not cause of May June correction
Trump rally buy climax breakout above final bull flag
Intraday market update: May 4, 2017
Trump rally buy climax breakout above final bull flag Update 6:51 a.m. The Emini gapped above yesterday’s high, but immediately reversed down and closed the gap. The bears therefore would like a bear trend day. In addition, they would like the selloff to fall below yesterday’s low and create an outside down day. While the […]
Stock market 5 percent correction regardless of earnings reports
Intraday market update: May 3, 2017
Stock market 5 percent correction regardless of earnings reports Updated 6:46 a.m. The Emini opened at yesterday’s low and the first 2 bars were small dojis. The bears were unable to create a big gap down, and the bulls were unable to create a strong reversal up. Hence, both feel that the price of the […]
Trump tax cut rally is buy climax at 2400 resistance
Intraday market update: May 2, 2017
Trump tax cut rally is buy climax at 2400 resistance Updated 6:57 a.m. The April high is a magnet just above, and the 60 minute moving average and yesterday’s low are support. At the moment, the Emini is Always In Short because of a pair of strong bear bars. The bears are trying to break […]
Sell in May and go away, expecting 5 percent correction
Intraday market update: May 1, 2017
Sell in May and go away, expecting 5 percent correction Updated 6:49 a.m. Today opened with a pair of bear bars. Yet, last week’s high was the April high. Since April was a small bull flag, its high is a magnet. In addition, the bulls tried to reverse up on the 3rd bar, but the […]
Emini double top within 3 weeks, then 5 percent correction
Emini weekend update: May 1, 2017
Monthly S&P500 Emini futures candlestick chart:Buy climax at measured move target April was a pullback in a 16 bar bull trend. Yet, because it is a doji after a buy climax and at resistance, the odds are that there will be sellers not far above. The monthly S&P500 Emini futures candlestick chart has a High […]
Correction after Trump tax cut and Obamacare repeal and replace
Intraday market update: April 28, 2017
Correction after Trump tax cut and Obamacare repeal and replace Updated 6:49 a.m. Yesterday reversed up strongly from a wedge bottom. Therefore, the odds favor a 2nd leg up today. Yet, today opened with 3 big bear bars within yesterday’s 4 hour trading range. Therefore, the bulls are hesitating. They want an opening reversal up […]
S&P500 double top at all time high causing 5 percent correction
Intraday market update: April 27, 2017
S&P500 double top at all time high causing 5 percent correction Updated 6:53 a.m. The Emini reversed up from above yesterday’s low without a strong buy signal bar. Since yesterday is a sell signal bar and the context is good, the odds are today will trade below its low. Furthermore, the 60 minute moving average […]
Trump rally resumption is likely bull trap at all time high
Intraday market update: April 26, 2017
Trump rally resumption is likely bull trap at all time high Updated 6:44 a.m. The Emini opened within yesterday’s tight range. In addition, the initial rally pulled back from the March 15 lower high. Furthermore, it failed at that price several times yesterday. These factors reduce the chance of a big bull trend day, despite […]
Emini buy climax creating great put buying opportunity
Intraday market update: April 25, 2017
Emini buy climax creating great put buying opportunity Updated 6:50 a.m. The Emini gapped up and began with bull trend bars. This is therefore a trend from the open bull trend. Consequently, the bears therefore will probably need either a 2nd entry sell signal or a parabolic wedge before there is a reversal down. There […]