Flat open, nothing to say. The chart looks like there should be one more leg down though, just hard to say how far the current rebound would go.
Institutional actions from stocktiming.
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ES 4-hour chart has a possible H&S targeting 1319 and a possible second H&S targeting 1283. If both prove valid, then the bullish IH&S target of 1432 gets tossed. At any rate, it's tough to feel bullish as we head down towards the 61.8% retrace of the prior high. Good luck.
Feels like a coil... i traded the /es last night and there are some HUGE bids at 1345-56 ... Someone big didn't wan't the /es to fall below that level yesterday. It was an easy trade to go long at that level. Also there were some sellers at 1355 but nearly as large as the bidders below.
Geomagnetism trumped positive seasonality and moon phase the last couple of days (see planetary A index below and how it affects the market) but subsided now
For those interested, I've put together a forecast model for the rest of May combining the geomagnetism forecast, moon phase and seasonality, and it advocates long today and tomorrow:
Geomagnetism trumped positive seasonality and moon phase the last couple of days (see planetary A index below and how it affects the market) but subsided now
4may1.gif
4may2.gif
For those interested, I've put together a forecast model for the rest of May combining the geomagnetism forecast, moon phase and seasonality, and it advocates long today and tomorrow:
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good call on aud/jpy cobra... aka the carry trade. apparently some of the big position traders have been selling their AUD positions. maybe china inflation fears..
nothing to say. the general pattern should be to revisit yesterday's low most likely a lower low. but we'll have to wait and see.
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OK, here we go, testing the overnight low. I'm expecting a lower low. a decisively breakdown would be very bad though. let's see.
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rebound from support. a little overshot here. no idea how rebound would go. wait and see.
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