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fantastic4
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Awesome bounce! Backed by market internals as well, I imagine they'll be some follow through. I'm closely watching 740 on the ES. If market internals turn bearish near there, I'll be looking for shorts.
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I don't have my charts up but I would expect 700 to be some big resistance. Also I believe 740 was the fifty percent retracement from the last sell off, but again, I don't have my charts open. Personally, I'll look to short the ES at 699.25. I'll get a little sggressive.
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The doji on Friday is interesting. That's sitting right at the 123 pullback from November's lows to our highs. Great place for a bounce.
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Interesting, how do you read the selling inventory?
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I'm sea sick. Don't want to buy the low value area with internals being bearish, and don't want to sell at the low value area and so close to major support. Sitting around bored. I could imagine a bounce up to the fifty fib from the last sell off.
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I'm still bearish even with the candle on the SPX. Intraday on a thirty minute we had range extension to the down side, and failed range extension to the upside, plus a selling extreme. We also closed beneath the 775 support area and weren't able to challenge the low value area for the day. The TRIN spent most the day above 1, the down value was about three time that of the up volume, and BANK never filled its gap. Hard to find too much bullish there.
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Looking quite omnimous with a close below the lower trendline of the symmetrical triangle we'd been in.
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And last night we had a big hammer with the VIX continuing to bleed. Starting to look more and more bullish. The support is holding. I often find that after a fake out break out like we had last night that markets tend to break out for real in the other direction, or they stop halfway to their mark, turn back around again, and take out the same direction. We'll see.
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fantastic4 replied to trading4life's topic in Beginners Forum
Hey Fin and Free, I'm new to this board as well. I mainly trade the Thai market but use the US market as a leading indicator. That's one big advantage the Asian markets have, they follow. -
I assume you mean good stocks from bad stocks? One great way is to look at relative strength. Look at a chart of the broad markets, and then look at the chart of the individual stock, has it been weaker or stronger than the markets. Stronger is a good sign if you're going long. Google finace makes it real easy to view this if your charting software doesn't.
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Well, I like to make little videos, that way I can go back and hear myself later and think, what was I thinking then. I've found it very useful to my learning. Here's my brief analysis of the ES, SPY, and why I decided to sit on my hands today on the Thai market. Tuesday seems like a good candidate for a down day. We've an evening star pattern right on prior resistance with declining volume, and we're hitting the 50% retracement zone. Here's my video: http://www.screencast.com/t/FtAXAj71k
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Is there a better way to post charts on here?
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I'm watching the 50 MA on Monday:
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We are hitting a longer term 50% retracement, so this could be a good place for a reversal. Any opinions on Monday? Here's a video from a trader I regularly watch: http://www.freetradingvideos.com/vlog/default.asp?category=1
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the rally seemed to be backed by the market internals, at least up until I stopped watching them. I can't wait for Monday. Really, I was expecting to go bearsih with the jobs numbers, but I guess slightly worse than expected numbers were already priced in. Something interesting I've noticed from jobs numbers reports, is that you tend to get a fast shot in price in the opposite direction from where price will close. When we quickly dropped six points on the ES at 8.30 I was thinking we might finish up.