Posted 7:00 a.m. Yesterday ended with a bull trend, but there were many dojis. That two sided price action continued today, and the Emini opened with a limit order market. Experienced traders are scalping with limit orders, but most traders should wait. It is still always in long, but it is in the middle of […]
Intraday market update, February 4, 2015:
Intraday market update, February 3, 2015:
Bull trend reversal or a pullback from the breakout
Posted 6:50 a.m. The Emini opened with a big gap up and a big bull trend bar. This is another buy climax and it follows several yesterday. When the market has a series of buy climaxes and is far above the moving average, its initial upside is usually limited to 5 – 10 bars before […]
Intraday market update, February 2, 2015:
Sell signal on the monthly candle chart
Posted 7:07 a.m. Since yesterday ended with consecutive sell climaxes, the odds are that there will at least a 2 hour trading range or rally at some point after the initial selling. The bears got an opening reversal down from the moving average and a breakout below last month’s low. This was the monthly sell […]
Intraday market update, January 30, 2015:
Buy climax yesterday so a pullback today is likely
Posted 6:50 a.m. The Emini opened with a big gap down. Big up yesterday, big down today means big confusion and increases the chances of a trading range. The second and fourth bars were bear bars. This is bad follow-through after the strong bull bars, and that increases the chances of a trading range. Yesterday […]
Intraday market update, January 29, 2015:
Sell climax so a minor trend reversal is likely
Posted 7:37 a.m. There was some initial follow-through selling, but the bulls are still looking for a two hour rally. They do not yet have a credible bottom, nor do they have a bull breakout. They need a better bottom or a bull breakout. Otherwise, the bears might get a bear breakout below the tight […]
Intraday market update, January 28, 2015:
Breakout mode and there is an FOMC report
Posted 6:54 a.m. The Emini opened in a limit order market. Since the market is in the middle of a 3 week trading range, it is in breakout mode, and there is an FOMC report at 11 a.m. There was disappointing follow-through from the initial reversal down, and the reversal up has not been strong […]
Intraday market update, January 27, 2015:
Double top bear flag
Posted 6:57 a.m. The Emini opened with a big gap down, but had early trading range price action. This often is the start of a sideways to up move to get closer to the moving average. At that point, the Emini decides between an opening reversal down and a trend up. The downside is probably […]
Intraday market update, January 26, 2015:
Pullback before another breakout attempt
Posted 6:51 a.m. The Emini opened with the biggest bear trend bar of a 30 bar bear trend. This was more likely an exhaustion gap than a measuring gap. However, when the channel is as tight as it is, the first reversal up usually forms a trading range and not a trend reversal. The bulls […]
Intraday market update, January 23, 2015:
Buy climax that is testing resistance
Posted 7:06 a.m. The Emini opened with multiple reversals after yesterday’s buy climax. This is trading range behavior, which is typical after a buy climax. The rally yesterday was big enough so that there probably will be swing trades within the trading range, but at the moment, a trading range is most likely for the […]
Intraday market update, January 22, 2015:
Bull breakout of a wedge bear flag
Posted 6:45 a.m. The Emini broke above the top of the 5 day bull channel on the open. This is a wedge bear flag. It then reversed down, as expected. The bears are hoping for a bear trend day. The bulls would like the selloff to be a bear leg in a trading range. If […]
