Posted 7:05 a.m. Today opened with 3 consecutive bear bars, like the past 2 days, but it held above the moving average and reversed up in a bull opening reversal. The bulls want a leg 1 = leg 2 measured move up from yesterday’s rally. The bears want a failure at yesterday’s high. As I […]
Intraday market update, March 5, 2015:
Intraday market update, March 4, 2015:
Pullback can become a trend reversal
Posted 6:58 a.m. The Emini sold off strongly on the open and fell 2 ticks below the December high. Because this was a sell climax to support, there probably will be some profit taking and there is a chance of an endless pullback up that creates the low of the day. Until the bulls create […]
Intraday market update, March 3, 2015:
Wedge top should have an ABC pullback
Posted 6:57 a.m. The Emini had a bear opening reversal and it is always in short. Since last week was a sell signal bar and the the Emini is close to the low of last week, the weekly sell signal probably will trigger today. Although, the market might reverse up and not trigger the sell, […]
Intraday market update, March 2, 2015:
More pullback from a wedge top
Posted 6:59 a.m. The Emini broke above the small trading range at the end of yesterday and tested the bottom of the upper trading range. Although it formed 7 consecutive bull bars, there were no consecutive big bull bars closing on their highs. This increases the chances that this is a bull leg in a […]
Intraday market update, February 27, 2015:
Double top bear flag
Posted 7:04 a.m. The Emini sold off on the open to test the open of the week. The week is currently a small doji candle, and it will probably stay that way. This means that today will probably not be a big trend day up or down. Instead, it will probably be a trading range […]
Intraday market update, February 26, 2015:
Wedge top so an ABC pullback
Posted 6:50 a.m. Yesterday ended with a sell climax and a brief strong rally. The bulls are hoping for a major trend reversal up. However, because the 60 minute wedge top is clear and in an overbought 60 minute and daily chart, any rally on the 5 minute chart will probably form a major trend […]
Intraday market update, February 25, 2015:
Buy climax on the daily candle chart
Posted 7:08 a.m. The Emini triggered a nested 60 minute wedge short on the open, but the selloff had small bars with tails. This was more likely a bear leg in a trading range than in a bear trend. Today will probably have an early trading range, like almost every day for 3 weeks has […]
Intraday market update, February 24, 2015:
Pullback in a buy climax
Posted 6:46a.m. The Emini has had tight trading range trading and a limit order market for the first hour or so for most of the opens over the past several weeks, and today is another example. After an extreme buy climax on the 5 minute chart and 9 consecutive bull bars on the daily chart, […]
Intraday market update, February 23, 2015:
Pullback after a buy climax
Posted 6:55 a.m. After 8 consecutive bull trend days, today will probably close below its open. However, it could be a doji day with swings up and down. Yesterday was a buy climax in a bull channel so there is a 70% chance of a 2 hour correction today. Although the Emini had a selloff […]
Intraday market update, February 20, 2015:
Possible bear trend day
Posted 6:55 a.m. The Emini reversed down strongly from a test of the 60 minute moving average and became always in short on the 2nd bar of the day. The odds are that today will be a bear trend day, but it still might become a trading range day. Less likely, it would become a […]
