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 17, 2015:
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 […]
Intraday market update, April 13, 2015:
Swing trading a pullback
Posted 6:58 a.m. The Emini began with a strong breakout above yesterday’s 4 hour trading range, but it paused at the top of the breakout from the March FOMC report and at a leg 1 = leg 2 measured move target. When a bull trend has exceptional strength late in a trend where the pullbacks […]
Intraday market update, April 10, 2015:
Breakout above the double top
Posted 6:54 a.m. Yesterday ended with a 10 bar tight trading range and today opened with more trading range bars. Although the Emini is always in long and the rally was in a tight channel, the rally contained consecutive buy climaxes. This will tend to limit the upside over the first hour or two. Bulls […]
Intraday market update, April 9, 2015:
Trading range for day traders
Posted 7:00 a.m. The Emini had a big bull trend bar on the open, but the breakout above yesterday’s high failed. The reversal down lacked strong follow-through selling. This is trading range price action and it formed after yesterday’s trading range day and in a 3 day trading range at the top of a month […]
Intraday market update, April 8, 2015:
Support and resistance
Posted 6:58 a.m. The Emini opened with a strong reversal up. However, because there was no clear bottom, like a major trend reversal or a wedge, the odds are that the bulls will need a pullback to form a higher low major trend reversal before they can go much higher. The Emini is always in […]
Intraday market update, April 7, 2015:
I am not posting today because I am flying home from spending time with one of my daughters at school, and with my 101 year old mother, who is still incredibly smart. See the weekly update for a discussion of the weekly chart and for what to expect going into next week. Traders can see […]
Intraday market update, April 6, 2015:
I will not post today. My daughter asked me to spend the day with her to attend her classes at the Harvard Business School, which I am hoping will be fun. I will be back on Wednesday. See the weekly update for a discussion of the weekly chart and for what to expect going into […]