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long 1455.25

 

reason: on economic data days, I like to wait til after news is released to determine which way price action is going. If its up, I buy on a retrace. This case long in hopes that overnight resistance 1456.25 is taken out and price goes higher. Closely watched.

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long 1455.25

 

reason: on economic data days, I like to wait til after news is released to determine which way price action is going. If its up, I buy on a retrace. This case long in hopes that overnight resistance 1456.25 is taken out and price goes higher. Closely watched.

 

stopped out at minus 1pt on that

no buyers up there, let see at 1450.25

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So I'm looking at the market thinking that the longer we go on without finding some new buyers, the more the singles/low volume tail from fed day looks like it could be tested further. Not to say it will be just that it's there. Overall my view is still to test that overhead high vol at 1479.00. 1464.25 could be a hurdle though if you take it as an extreme of a development (as drawn in cyan). Having said that, it was already broken last Friday and sellers stepped in to reverse us back down. The current action is helping to better define the long-term profile between ~44-64. Along with housing data today we have Consumer confidence at 10am which has the potential to move the markets. Spanish bond auction results weren't fantastic although if the market expects them to ask for a BO then it could ignore this entirely. In fact it could be that bad news is good news. There was also talk of legality of ecb bond buying earlier I believe. Anyway, here's a chart:-

 

attachment.php?attachmentid=31461&stc=1&d=1348575777

 

Thanks for the chart. ES stopped right at 1436.50, the day Ben announced more QE.

 

What a nice drop today!

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Taking a long down here at 1437. Stop at 1435

 

Reason: Just watching price action I notice price come to this 1436.50 and buyers come in, so the 3rd time it comes, I'm taking this trade.

 

Breakeven on this.

 

ES making lower lows at the moment. Lets wait and see

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short 1434.75. stop 1436.25 New Home Sales out in 30 min so, have this to watch as well

 

Reason: Price action making lower highs since and 1435.75 is looking like resistance. Plus LOD yesterday day is 1335.

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short 1434.75. stop 1436.25 New Home Sales out in 30 min so, have this to watch as well

 

Reason: Price action making lower highs since and 1435.75 is looking like resistance. Plus LOD yesterday day is 1335.

 

I'm out at 1430.75, getting too close to New Home Sales.

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So the selloff continued yesterday from open. Buyers were found near a low volume area from the last balance (green profile on chart) and it balanced for the remainder of the day even if the volume profile looked a bit funny (MP showed the balance better). For now at least it looks as though we're moving higher. If we were to drop off any more, the next area where liquidation danger lies is between 1418.50 down to 1396.75 although the long-term profile is better developed than the zone we tumbled through over the last two days. It's worth noting that although we've sold off hard, right now we're still in a broad upward sloping channel. Overnight, 35.25 seems to be becoming a level to be reckoned with.

 

Lots of numbers due out now and later with a bunch of speakers too.

 

(weak gdp read (1.3% exp 1.7%) isn't helping things right now if you're a bull)

 

attachment.php?attachmentid=31541&stc=1&d=1348749067

 

attachment.php?attachmentid=31542&stc=1&d=1348749067

 

attachment.php?attachmentid=31543&stc=1&d=1348749067

2012-09-27.thumb.jpg.5c6e756d625bc44b44926b9b5bc83195.jpg

2012-09-27_2.jpg.acd4e961d0a506f86d729906a49b5733.jpg

2012-09-27_3.jpg.247b628bd7559f77940e522192cc618a.jpg

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long here at 1432

 

reason: price action got stuck in a range and broke to the upside. So lets see what happens. Need this 1435 area to break up.

 

Breakeven on this one. Ouch, but thats the plan. Breakeven, because price broke demand line. Now what I should have done as once price got back above that 1432 showing support, was attempt long again.

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So the selloff continued yesterday from open. Buyers were found near a low volume area from the last balance (green profile on chart) and it balanced for the remainder of the day even if the volume profile looked a bit funny (MP showed the balance better). For now at least it looks as though we're moving higher. If we were to drop off any more, the next area where liquidation danger lies is between 1418.50 down to 1396.75 although the long-term profile is better developed than the zone we tumbled through over the last two days. It's worth noting that although we've sold off hard, right now we're still in a broad upward sloping channel. Overnight, 35.25 seems to be becoming a level to be reckoned with.

 

Lots of numbers due out now and later with a bunch of speakers too.

 

(weak gdp read (1.3% exp 1.7%) isn't helping things right now if you're a bull)

 

attachment.php?attachmentid=31541&stc=1&d=1348749067

 

attachment.php?attachmentid=31542&stc=1&d=1348749067

 

attachment.php?attachmentid=31543&stc=1&d=1348749067

 

Thanks for chart. It helps for targets to be reached.

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long 1438.50

 

reason: trend is up for the moment, so i better get on board. Clearly missed the first retrace at 1436, but oh well.

 

out at 1442.75. Wait and see what happens next. Not sure why this big move.

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Last day of Q3 today. Could be some interesting goings on but who knows. 9:55am Michigan release probably holds the most interest later on but it's also worth keeping your ear to the ground for news in case anything hits the wires that might change the day. What's everyone looking at today then? Will post a chart in a bit.

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Squawk is mentioning possible (rumoured) official request from Spain for bailout after European close later today. Also apparently the Spanish bank stress test results will be coming out at some point today, plus Moody's sovereign rating review for Spain.

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