a 50% retrace from the latest upmove.brings us to 3750 area.
however,if we get a breach of 4000,the upward vertical count takes us to 5000
med term chart..eod data .1% log box sizes.3 box reversal
non farm payrolls on friday.might be something in that
multiple trend line resistance along with 50 & 20 MA ...............Phew!!
that is going to take some strength to pierce it ................but in this current volatile market anything is possible!!
Goldman sachs held up well...I expected more selling!! barclays might be a good buy around 140 tomorrow
but bias is still on the down side chaps until we have S&P go back above 800 level
Oil reached $48.7 ...............oil stock stocks will be under pressure and we all know what that means with an index that is heavily weighted towards them!!!
scenario 1 - if trend lines and MA's taken out(confirmation req'd) then a nice scalp is on the cards by going long up to yesterdays gap down 3835- 3840............
obviously if we take out 3840 then i will be happy to go long up to gap fill 3890
scenario 2 - If we fail to show any interest above 3780 then i am happy to remain short upto 3740 and 3710
Going long at 780 play today worked like clockwork ............perrrrrrrfect !!
anyway, we must concentrate on next trade and not get over confident
strategy
scenario 1 - pretty obvious, no real apetite above 780 then I will go short after confirmation(two 10 min candles)
scenario 2 - slightly tricky and more risky , if 789 broken then I will go long and we could have potential to go to gap down level of 798 but 793 could try and put a stop to that but I very much doubt it
if 798 broken then we go to gap fill of 805 and 819
rather quiet overnight in australian market.index down 0.6%.nikkei down 1.3%
major markets now at important support areas in this uptrend.
there could be quite a few false breaks until people make thei mind up.could even be lo range days
in case the indices are flat over the next few days.then watch this one.the eurgbp cross is getting squeezed into a triangular formation.you now know why p/f traders like those
eod day data.box size is 0.3%..log box size.1 box reversal