Small gap down within yesterday's range, so chances are the gap will be filled.
The Global ES tested the previous low overnight and rebounded sharply. Since this was the 2nd test, so if it can manage to rebound higher then chances are the low was in. Let's see.
Euro is testing the previous low now. I don't see it's bottomed yet.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
I am not sure who was paying attention on ES movements, I noticed something:
At 2:15 pm (GMT+1 or EST+6) there was a huge move up in ES and huge move down at the same time in EURUSD.
Could this be an open or close of a large hedge position?
GM, Nice bounce from Mid BB overnight on /ES, I think there will be second test to this area (the overnight low) from there it will be clearer if up trend is sustained or not.
Attachments
My comments are for entertainment/educational purpose only. NOT a trade advice.
Here are the internals on a DAILY chart
It looks to me like SPY has formed an ascending triangle pattern.
Also, to conserve real estate I put DBV (gold area) behind the cumulative $NYAD, and mmmmm… http://stockcharts.com/h-sc/ui?s=SPY&p= ... =252059429
[edit: I just saw rhapsody1447 ascending triangle too.....looks valid to me]
Last edited by Al_Dente on Thu Jan 05, 2012 10:20 am, edited 1 time in total.
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Good morning Cobra!
It is nice to get all those Emails from you! Thank you for your inspired hard work!
1). $DXY had a first daily red bar, on the "%R-System" and showed a beginning of Stochastic Convergence.
However, it was firmly stopped at the Blue Support and the Stochastic Convergence reversed!
Now it is at a BREAKOUT level, above the midline of the +/-1SD Regression Channel and above the ellipse!
2). SPY on fast RENKO, where the levels of support are given by coincidences of Murrey Math and Fibonacci extension ratios. They are marked as narrow rectangles.
Attachments
Last edited by cougar on Thu Jan 05, 2012 10:21 am, edited 1 time in total.
gabor wrote:I am not sure who was paying attention on ES movements, I noticed something:
At 2:15 pm (GMT+1 or EST+6) there was a huge move up in ES and huge move down at the same time in EURUSD.
Could this be an open or close of a large hedge position?
ADP in the USA came in hot with a number that was 8 standard deviations above consensus.......
Thanks. I think I'm fully recovered. Could you login with your iPhone now? I wonder what happened?
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
rhapsody1447 wrote:GM Cobra! Hope the holidays and new year were good.
Are you looking at this ascending triangle? Does it have any validity?
2 points touch on the high doesn't make an valid Ascending Triangle yet, so we can only see there're some chances but not yet.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Here are the internals on a DAILY chart
It looks to me like SPY has formed an ascending triangle pattern.
Also, to conserve real estate I put DBV (gold area) behind the cumulative $NYAD, and mmmmm… http://stockcharts.com/h-sc/ui?s=SPY&p= ... =252059429
Good morning Al,
I was looking at the ascending triangle on the daily as well. What would be the move to watch, a break above the resistance line? If so, what would the target be? It seems a target price the height of the triangle would be a dramatic move.
rhapsody1447 wrote:GM Cobra! Hope the holidays and new year were good.
Are you looking at this ascending triangle? Does it have any validity?
2 points touch on the high doesn't make an valid Ascending Triangle yet, so we can only see there're some chances but not yet.
Thanks Cobra, it seems if we 3 push-up like you mentioned in your report than it would break the pattern? I'm just curious to see if that support will act as resistance once it's broken or if the pattern should be ignored altogether.
I will continue looking for long side daytrades today on dips ahead of payrolls.
Tomorrow, I will fade the strong payroll # short for my first short of the year.
Trade carefully.
mac769 wrote:I just wonder how long the European Banking System can be held above water.
Unicredit now below the Lehman LOW.
This looks extremely ugly and when you see the Euro in freefall, I wonder how long the US can "decouple" from this.
IMHO, if 1260 on the SPX fails, then there is a looong way to go down...
Equity stays stupid way too long. DX closed the gap, why shouldn't the ES? Generally it seems the play is to assume that currency/bonds will hold support/resistance. And thus, equity tries to front run the swing trade and more often than not gets caught holding the bag and its SELL SELL SELL.