On Friday, around 9:15 am (Chicago time), we had a classic “Crazy Ivan” pattern. The market reverses, then reverses again – for no apparent reason. All designed to wrong foot you and, in Friday’s case, generate a rich cluster of Stops that just had to be run (above 2,729). “Crazy Ivan” comes from the movie […]
Support and Resistance Archive
I’ve talked about Triples before – here, here and here. Big things happen at Triples. Break and the trend will run to Exhaustion. Hold and the reversal will run a fair distance too. The best Triples are those where the Support or Resistance levels are tight together. Good luck with your Emini trading this week.
Good things happen with triples. Hold, and they run. Or break, and they run. This one ran while the workmen dismantled their scaffolding outside the window. Bye bye now. Good luck with your Emini trading this week.
Triples can hold or break – either way, they lead to big moves. Check out the 2 triples today. First triple Support holds and we set up; then triple Resistance breaks and we’re on our way to a big trending move. Remember the 5 step setup and that we’re trying to pick the meat out […]
Wednesday looked like a Reversal Day on the Emini. But we needed to break and hold above 1,940 for it to be confirmed. Friday’s employment number disappointed and we’ve now fallen to the bottom of Wednesday’s Reversal point. We’re on a knife edge and 1,870 is the level to watch on the Emini. Good luck […]
Everything changed after this week’s FOMC release on Wednesday. So far the downward move on the Indices has been around 10% from the Highs. But we’ve broken Supports on the 45 minute, 135 minute and Daily (and Weekly) Emini charts. So we’ve got very little in the higher timeframes to “catch” us on the way […]
Well, for the time being, looks like that’s all she wrote on the downside. We’ve broken into another uptrend above 2,100 on the Emini and we’ve got to play this one out – “pull back to end of trend” – at least on the 40,500 tick chart. Oh well. Roll with the punches. First thing […]
Well, we’ve formed a “triple” – close below Support on the daily, 135 minute and 45 minute charts. The significance of a “triple” is that there are no cyclical Support levels to “catch” a break to the downside. So the moves tend to be quicker and travel further. I haven’t played my “bear” card in […]
Another “sitting on the ledge” video. We’re at critical Support on the Emini at 2,102. So Monday is going to be fun – either way. We’ve seen this before (24 March, 29 April and 5 May) and each time we get a nice break but it only lasts for a day. Then the Professionals step […]
Last week Support at 2,090 on the Emini turned out to be a critical level – and led to a nice sell-off when we broke it. Well this week, we’re back testing those Lows and now 2,080 is the critical level on the Emini. This Support level needs to hold tomorrow. Although we’ve had a […]