I am on leave Thursday and Friday, and will not do an intraday update on Thursday. I am writing Wednesday night and the market might look very different once it opens on Thursday. Pre-Open Market Analysis S&P 500 Emini: Day trading tip is to buy a pullback after bullish price action Breakout of High 2 […]

Posted 6:56 a.m. The Emini gapped above yesterday’s high and had a Trend From The Open Bull Trend for several bars. The rally was strong enough so that bulls will probably buy the 1st reversal down. It was also strong enough to make a bull trend day more likely than a bear trend day. Today […]

Posted 6:53 a.m. The Emini began with limit order trading around yesterday’s close and in the middle of yesterday’s trading range. The bulls were hoping that yesterday’s late rally was the start of a 2nd leg up. The bears wanted another lower high in the bear channel that began early yesterday, and they want to […]

Posted 6:45 a.m. The Emini gapped up, but the gap was small, the tails were prominent, and the 1st bodies were not big. The gap still might become a measuring gap. However, this price action increases the chances for a trading range open where the Emini forms a double top and a double bottom over […]

Posted 7:02 a.m. The Emini had an expanding triangle bottom and then a higher low major trend reversal at the end of yesterday. The bulls tried for an early reversal up from another higher low today, but the rally failed at the moving average. It then had an Opening Reversal down for a possible high […]

Posted 7:10 a.m. The Emini began with a Small Bear Breakout of a Small Bear Breakout, which is a type of wedge bottom. The wedge began 11 a.m. yesterday. This is a breakout mode setup that can lead to a measured move up or down. The rally on the open had a couple of big […]

Posted 6:54 a.m. The Emini sold off on the open to below the 60 minute moving average down to a 50% pullback of yesterday’s rally. The channel down had about 15 bars and it was tight. This means that the 1st reversal up will probably be minor. A minor reversal is a leg in a […]

Posted 6:54 a.m. Friday was a sell climax. Today had a 75% chance of at least a couple of hours of sideways to up trading beginning by the end of the 2nd hour. It might have begun at the end of Friday. The Emini began with a series of bull trend bars that rallied above […]

Posted 7:02 a.m. The Emini rallied on the open after a breakout test of yesterday’s 10:05 a.m. breakout point. The Emini will probably get a 2nd leg up today and reach a Leg 1 = Leg 2 target, but the bear channel at the end of yesterday was tight. This often means that the bulls […]

Posted 6:52 a.m. After 2 days of extreme trending and bad limit order trading, the odds are that today will have a lot of limit order trading. Traders are uncertain and they will be quick to take profits. In the 1st 4 bars, both limit order bulls and bears made money. While it is likely […]