We had a daily ambush long setup on the ES early this morning at 1172.25 with a target of 1195. While the price action of yesterday and today has put the bears on the radar we’re not going to fight the trade. If we do make it to the 1195 level we will be looking for either a hard sell off or continuation to 1207. Monday’s price action set a nice tone for the week, but intraday setups have been…
Oddly enough, the NASDAQ breadth trended up most of the day while the NYSE was trending down. The Dow remains the lager of the top line figures with the Russell and NASDAQ leading the way as is typical in a bull run after a recession. Intraday trading was extremely choppy today and after the first hour or so it was pretty clear that sitting on hands would be the best plan for the day. This type of day in Market…
I’m not buying this latest breakout, but has made for some nice intraday trading this week. BANK broken out to new highs today and was the first indication that we would move higher at the daily pivot. Today was a very technical day on the EUR/USD, as well as ES. The bias this week is clearly more upside, so we will remain cautious as a push lower should come in the form of a large body candle in one swift move.
Today’s price action was had on lower volume. This is typically a sign of lack of follow through. The Put/Call ratio closed at 0.79, readings below 0.6 are seen as very bullish, reason being everyone is short and there are no more sellers. In other news, oil cracked $86 per barrel and gold & copper continues to rise. Keep an eye on Freeport-Mcmoran (FCX).
Another week of daily doji candles, however we are moving slowly higher. Look to the support/resistance levels as actionable points. Use Monday (or the first day of the week) to establish the mood/trend for the week.
In the week ahead look for these news announcements to act as potential market movers… Pending Home Sales to kick start the week Monday followed by Jobless Claims on Thursday. Taking a look at the fibo 50% and 61.8% lines on the top line figures we see the NASDAQ and Russell are already well above their 61.8% line (indicating the likelihood of a full retracement). The S&P and Dow are approaching their 61.8% lines and it’s at these levels we…
We are starting a new section which we call “Daily Reflection.” This section is devoted to sharing insight from the day’s trading session, primarily relating to day trading the E-mini’s and Currencies. We started the day with a gap up off the open. This tends to be a common occururance on the first day of a new quarter as well as the first day of the month. Typically these “professional gaps” as they are called, happen more towards the beginning…