YM Analysis for Oct. 16th, 2006

[Soultrader 12]

On Thursday Oct.12th, we saw the markets break out of consolidation and establish a higher value placement.

 

On Friday the 13th, we established an overlapping value. This may indicate price acceptance in this new zone. The late afternoon rally pushed prices above the critical 12000 mark to close bullish for the day and week.

 

The markets also closed above Thursdays high. Premarket action will be interesting to watch to see if price is further accepted at these levels.

 

There are a couple pivot point cluster zones that I will be looking at.

 

12050: monthly pivot

12020: Thursdays high and Fridays close cluster. Will be an interesting level

12000: value high pivot, daily pivot, and pysch level. Ultra key.

11960: weekly pivot and Friday low cluster. Will act as key support

11940 Thursday low and open gap

[wayneL 10]

Can anyone remember what a negative TICK looks like?

[Soultrader 12]

Hi wayneL,

 

What do you mean by that? Negative TICKS are simply TICKS under the zero line.

 

Are you referring to TICK hooks? TICK's using a line on close chart? Or a TICK using a candlestick chart?

[wayneL 10]

Just being facetious James. It's an Aussie trait... you'll get used to me

[Soultrader 12]

hehe.. got ya

[ant 10]

Looks like today was a 3-I day in the YM and ES. A 3-I day is characterized by an initiative tail, initiative TPO count, and initiative range extension. According to Mind over Markets, there is a 94% probability that the YM and ES will trade above today's value area. See chart below.

[Soultrader 12]

Nice ant. I still fail to recognize profile structures. You are the real MP expert in this forum

 

With this information in mind, tomorrow will be very interesting. The last time we had a 3-I day, we ended up having a higher value placement.