Trading the SPX

[erierambler]

Those trading the ES might be interested in the overnight action.

I posted an analysis over the weekend in the private forum of Grey1. It explains why 1405 might be more important than 1400 on the ES. For those who don't have access to it, I copied it over here:

Then again the alternative could be that resistance could be found here also

 

[firewalker99]

Then again the alternative could be that resistance could be found here also

True, but that's the last barrier I'm looking at. If it does go to there, it will have broken the downtrend line though...

There are several layers to work through imo, but we can only follow what price does ... and right now it rejected 1405 in the pre-market action so the 'potential' of that resistance has been confirmed.

I see your line coincides with the 1425 I had in mind

 

[erierambler]

True, but that's the last barrier I'm looking at. If it does go to there, it will have broken the downtrend line though...

There are several layers to work through imo, but we can only follow what price does ... and right now it rejected 1405 in the pre-market action so the 'potential' of that resistance has been confirmed.

I see your line coincides with the 1425 I had in mind

Actually it is possible for price to pierce through the downtrendline maybe to 1438. If people are bearish , a run in on the shorts could be interesting. Then again we know, we don't really know, but it is good to have levels ready to anticipate
good trading to ya

 

[firewalker99]

Actually it is possible for price to pierce through the downtrendline maybe to 1438. If people are bearish , a run in on the shorts could be interesting. Then again we know, we don't really know, but it is good to have levels ready to anticipate
good trading to ya

Erie, Why 1438?

Good trading to you too.

 

[erierambler]

Erie, Why 1438?

Good trading to you too.

The next no volume at price on your chart coincides with the wicks on the candles.

 

[Pat494]

Kerkorian now has over 5% of Ford. Bought at knockdown prices. Mr. K has a good track record so .............. unless he is being patriotic ?
Patriotism can be fatal for investing.

 

[Pat494]

A strong protest vote against Labour expected on Thursday local elections

 

[Pat494]

Mervyn King going for second term tomorrow. Will be grilled for outlook on looming inflation.

 

[Pat494]

The Fed is expected to drop interest rates by 25 points on Wednesday

 

[firewalker99]

The Fed is expected to drop interest rates by 25 points on Wednesday

Yip, my bet is they won't... on which the markets will drop.

 

[Pat494]

Oil near $120 a barrel
strike in Scotland
rebel attacks in Nigeria

market is very flat right now ?

 

[firewalker99]

Oil near $120 a barrel
strike in Scotland
rebel attacks in Nigeria

market is very flat right now ?

it wants to test the premarket highs again (1405)

 

[Pat494]

We have movement up. A tad early for me just yet

 

[Pat494]

We have movement up. A tad early for me just yet

I'm in long

 

[firewalker99]

We have movement up. A tad early for me just yet

What's early for one, is late for another

 

[Pat494]

What's early for one, is late for another

I guess from that - you have been long for a while ?

This poor old country boy may be a bit behind you big city folk !

 

[firewalker99]

I guess from that - you have been long for a while ?

This poor old country boy may be a bit behind you big city folk !

No, I was short from just before the open. I had hoped it would go further down, but I closed out for a small profit... Gotta take what's available. I didn't reverse long, so I'm just sitting here, watching

 

[Pat494]

I'm in long

Well it was in profit but not enough to put in a trailing stop at break even. So accepted a small loss. Might play a little poker until after lunch.

 

[vectorC]

SPX situation - forecast

My SPX swing view

 

[vectorC]

Intraday Setup

and my tudays intraday setup - Levels trading