So, Monday was a low volume down day – a No Supply volume pattern day. Then Tuesday was a high volume low range day – a Stopping Volume pattern or “Stealth Buying” day. The net result was 1,040 held and we had a Gap Up Range day today.
The buying into Wednesday’s close was pretty extreme – so I wouldn’t be surprised to see a pull-back on Thursday. But it certainly looks like the uptrend is back on. And likely to run its course until we get a cyclical top on the daily time frame.
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Monday was a very low volume down day – typically a No Supply type pattern – but we’re back down at 1,040 and on a knife edge. The Bulls just can’t get this rally going.
It’s funny, I’m a Bear by nature but I don’t really want to see the wheels fall off the bus. Yes, we need change – and not the lies from you-know-who. The financial system needs to be flushed out, we need to get back to innovation, production and real wealth creation. But it’s gonna hurt – hurt people’s pensions, hurt people’s sense of wealth, hurt people’s stable lives.
Be careful tomorrow – a close above Monday’s high will mean the rally still has a chance. But a close below Friday’s low will mean we’re heading lower.
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HIGH DEF VIDEO – MAY TAKE 15 SECONDS TO LOAD
Latest Emini Trading Charts (8:42)
Watch out. Tuesday’s Emini trading is going to be important, one way or another.
Everything came together on Friday for a rally. The better-than-expected GDP numbers initially caused the Emini to pop but then we sold off hard, after the open and for the first half hour of trade. This down move reached 4 points below yesterday’s low and that flushed out all the sellers.
If you’re reading this article via email or RSS reader, then follow this link to view the Emini Trading video on the website.
Everybody’s waiting for Friday’s GDP numbers – released 8:30am ET. I’m looking for a cyclical low on my 40,500 tick chart but I’m not going to dip my toes in the water until the number comes out.
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Tried to make this Emini trading video short. We’re on a knife edge. But a potential bottom forming on Crude Oil and Copper. Tomorrow will be a make-or-break day,
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I thought this down move wouldn’t be over until we had confirmation on the 45 minute chart. Today we got the “Pull Back” signal. So tomorrow morning we should get the “End of Trend” warning signal.
Looks like there’s a final push down on the Emini and Euro which might set us up for a rally. Not getting too attached to this point of view though – I’ll trade my setups.
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Hope you’re enjoying your weekend. Here are the Emini trading charts I’m looking at right now. Looking for a “Pull Back” and “End of Trend” warning signal on the 45 minute chart early next week.
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Not much to say – first we broke through 1,108 then 1,100. And in the overnight session we touched 1,073. Hope you got short and caught some of today’s move.
Looks like we’ll be spending the next day or two trying to find out where the bottom is. After a trend day like today, I’ll be looking for more range plays.
If you’re reading this article via email or RSS reader, then follow this link to view the Emini Trading video on the website.
We’re running out of puff and rolling over without seeing climactic or exhaustion buying volume. If significant support levels are broken to the downside tomorrow we could see a down trend setting in. Look for the big numbers: today’s low at 1,108 and the big one 1,100.
Of course the trading bots and algos could step in and ruin the party – talking of which, I’m getting a lot of emails and comments asking about market manipulation and conspiracy theories. I must do an post on this. If you’ve got a point of view send me a message via the Contact Form.
If you’re reading this article via email or RSS reader, then follow this link to view the Emini Trading video on the website.
Two small range days in a row and so I’m looking for a large range day tomorrow. In the video I explain why I think the uptrend is still in place and so my expectation is a breakout to the upside – but I’ll trade whatever signals the market gives me.
For me, Tuesday and Wednesday were virtually identical with lows being made about 45 minutes after the open. I had setups with cyclical turns on the 4,500 tick chart coinciding with “End of Trend” signals on the 1,500 and 500 tick charts. Tuesday’s activity formed a double bottom and Wednesday was more an inverted “head and shoulder” pattern.
