Too bad market didn’t pull back at the open, would have set up for really nice opportunity.
Will have daily updates up later on today.
Have a great rest of the day
update 11:36am EST:
Jabbify is having some trouble here, sorry about that, will contact them later on tonight and see what can be done to improve performance.
Nothing much doing in the markets, waiting for shorting opportunities.
update 10:40 am eST:
Gold has just tested the same channel on hourly for the second time today:
Above the channel expect resistance at 945 fib and 200ema hourly. Big support line on the daily expected to act as support on the downside:
Good Morning Traders,
ES plan today is very similar to what it was yesterday (market analysis for yesterday)
Put / Call ratio has put in a new higher high (probably due to OPEX but w/e) Historically it has produced a bounce withing next could of days, going long blindly is not a good strategy, but considering oversold conditions will be looking to buy a pullback :
Also after yesterday’s doji, oversold conditions remained, now only several percentage points less oversold now, so game plan is still the same, looking for bounce on a drop, preferably into the 50ema - 200dma pocket:
Daily S2 is also right there at 891.25, and ambush play of last 2 months right below:
There are quiet a few levels lining up in that area. Will be watching internals and $TICK closely and trying to get daytrade entry and ride it up as far as possible. Of course there are no guarantees , but odds of these set ups favor a bounce, to review we got:
- Extreme Put / call
- Oversold conditions
- Daily S2
- 2 month ambush
all in that area.
On the way up, looking at two fib confluence levels (this is chart form last night using 899.25 low, so it will naturally be different if we make a new low) will update on the blog/twitter once/if we get up there
Will be taking stabs at 921/926 level and trying to ride it down for what its worth, with reasonable stop of course.
There is quiet a bit of market moving data in the morning:
8:30AM EST: US Initial Claims
10:00AM EST: Leading Indicators
10:00 AM EST: Philadelphia Fed
That’s about it as far as ES plan is concerned. Reading this blog is almost a fulltime job, since I just noticed I made 8 posts sine last e-mail update was sent out ( sign up for email updates on the right ;) )
Also, I have added a live chat client to all pages of the site, so feel free to sign in and chat it up, also members of EA/DH’s if you know someone who is looking for a free place to chat, from old crew feel free to spread the word, taht would be appreciated.
Good luck and have a great trading day (be careful, OPEX Thursday)
any help by you spreading the word via twitter or any other way greatly appreciated :)