13363 cash was resistance last week....plus looking for SPX to set up it's ABC by getting to 1517...nearly got there y'day @ 1515
consequently I can keep stop tight under 363 cash.....
lurkerlurker
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Failure to break the low of the current 15 minute bar (13485) will signal me to either go long or stay flat today. A break of that bar will rule out longs for awhile.
lurkerlurker
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It looks like this will be a longs only day, but I'm not sure until this 15 min bar closes. Will do some intermarket analysis in the meantime, checking in with the ES and the NQ.
Atilla
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Long @ 13387 C, SL @ 13357
I'm working on the reason...
Not really, just following the crowd. Couldn't resist temptation. I agree with pull back and explanations given.
lurkerlurker
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Long @ 13387 C, SL @ 13357
I'm working on the reason...
Not really, just following the crowd. Couldn't resist temptation. I agree with pull back and explanations given.
Careful. I know you jest, but make sure crowd following isn't what you are doing here. My own rules made me hold off on a decent long from 500(futs)
lurkerlurker
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let's see if this rise is just an opening gap fill......or the real deal...
I don't like to trade the first half our anyway. In fact, I'm more comfortable with post 15:30 trades. I'm keeping an eye on the delayed yahoo quote for the INDU, Nasdaq Composite, and the S&P. I've heard that the biggest moves or strongest trends come when these markets are moving together. I've seen some posts here suggesting that a trend day is more likely when the % change in the COMPX is 2x or more the % change in the INDU. I also have the NYSE $Tick charted in RT and consider a strong trend day to be when the Tick has difficulty in breaking zero (either to the upside on a downtrend day or to the negative on an uptrend day.)
Atilla
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Hi LL, no quite right. I wouldn't blame anyone but my self. I had been watching the DOW and thought the moves down were over done. It's that 80 level again.
I know this chart is somewhat made up but I'm still watching it unfold and may well materialise. I can still see a H&S in the making.
If 13420 levels are breached I think we'll touch 450 again with a small pull back and then the lurch forward and onwards.
Also watching the DAX. Made a few pips out of that this morning. It is also on a bit of a roller coaster. Looking for direction from the US I reckon.
Good luck everyone...
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lurkerlurker
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Thanks for the chart and comments. I presume you are talking cash prices (and with CMC why trade anything else!) - but could we all please specify which in each post?
I'm not long until there is a clear failure to break the "double bottom" lows (ie a higher low on reduced volume). Opening gaps down may or may not be completely filled. The fac that the opening gap of almost -50 on the Dow futures (from 9pm last night) has not been filled leads me to think this is a breakaway gap and may not be filled today.
Still, I'm neutral on short term direction, and will watch the %change in COMPX / % change in INDU and the NYSE $Tick readings for a little while first.
I see we are going down for a test of support at 85 (futures) again.
lurkerlurker
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Long 502 futures. Target 522.
