Spx

[fantastic4 10]

Looks like traders want to attack the uppertrendline from the symmetrical triangle we've been in. I guess it's all up to the jobs numbers. Out in 16 minutes. I can't wait to see what effect they'll have.

[fantastic4 10]

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.

[fantastic4 10]

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

[fantastic4 10]

I'm watching the 50 MA on Monday:

[fantastic4 10]

Is there a better way to post charts on here?

[fantastic4 10]

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

[fantastic4 10]

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.

[fantastic4 10]

Looking quite omnimous with a close below the lower trendline of the symmetrical triangle we'd been in.

[fantastic4 10]

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.

[DbPhoenix 42]

Is there a better way to post charts on here?

 

 

Like this?

 

 

 

[studenttrader 10]

We seem awefully extended to the downside. I'm looking for a bounce before we test the lows.

[fantastic4 10]

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.

[studenttrader 10]

Would'nt it be nice to see that H&S pattern that is developing follow through?

[studenttrader 10]

Looks like we are bouncing off of the ping pong table in the SPX.

[studenttrader 10]

Futures are trading at 721 with no support. see what your options are at http://www.freetradingvideos.com/vlog/default.asp?category=1

[studenttrader 10]

I'll continue selling the rally up to 710 - 715 where there is some resting sell inventory. Difficult to buy and hold right now with no support below.

[fantastic4 10]

Interesting, how do you read the selling inventory?

[erierambler 10]

How about some price targets on the $SPX, here's 3........

 

erie

 

 

[fantastic4 10]

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.

[studenttrader 10]

That doji is very interesting and from a TA standpoint I'd like to see

a higher low and then a rally.

[fantastic4 10]

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.

[studenttrader 10]

According to TA, we are at a "last chance to bounce" support area.

http://www.freetradingvideos.com/vlog/default.asp?Category=1

[fantastic4 10]

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.

[studenttrader 10]

Market stalled today. See if bulls can push tomorrow.

[studenttrader 10]

Yes, I'm looking for shorts in the low 750s on Monday.