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When the ES went down hard on Wednesday morning but refused to fill the gap below that was begging to be filled and then reversed so sharply up, I interpret that as very bullish. That plus month end next week and major resistance not coming in until the 1350-60 area. With that said, I fully...

Daily pivot points and the Daily Moving Average, keep it simple - 1350-1360 next week?

Hmm, the VIX is only ~23 so that might only leave option 2 for the next while

Monthly chart of Canadian TSX index looks ready to plummet, while the monthy chart of SPX looks bullish and potentially looking for new highs. Canada is a resource based economy and other major nations indices look bearish too, is this purely fed manipulation in the US prolonging the inevitable...

Gotcha, thanks. Your position, at least for your first target, will be looking good if we can get over 1370. Cheers

Nice. Does the relatively low VIX concern you? There doesn't seem to be much fear in the market to prevent a move lower. Also, just curious, why not have your stop just below the reaction low around 1340? Cheers R

If the EUR can finally break below the February OR at 1.3025, it could be a good swing short to 1.26 or lower. Of course this would drag ES down and god forbid expand the daily range which is simply not allowed :)

Hey, there's nothing wrong with 2-10 pointers being your bread and butter and from what I read you do it quite well. For the bigger swings, rather than 50 point stop losses have you considered using SPY options? May be a good way to get your feet wet without as much risk. Just a thought...

I agree. The break above last weeks high has been very uninspiring to say the least. Unless this week is going to have an unusually small range I see 1296 and maybe even 1273 if it can get below 1330. (disclaimer: nothing would surprise me at the moment though). :) I Want to jump on the long...

I hear you Josh. I don't pay much attention to economic news when I'm short-term trading either but I do when trying to capture the larger time-frame swings. I simply posted because I think Haggerty calls it like it is in most instances - his market timing is sometimes off but he is usually...

Comments from Kevin Haggerty Commentary for 2/6/12 - Herd Buying Contrarion Selling The SPX was +2.2% on the week to a new rally high after the +1.5% gain on the Fri “funny number” jobs report. It made a new rally high at 1345.34 and closed at 1344.90 [+1.5%] on NYSE volume of 905mm...

I generally won't enter long when price is below the daily pivot, opening range and 5-min EMA 20. These really simple rules keep me from fighting the flow (not saying your trade won't work out). GL!

Possible catalyst for higher ES...EURUSD IHS projecting to ~1.36

Interesting Week. Thursdays lows (weekly lows) were broken for a short period today and subsequently strongly defended eventually closing above. Thus, next week looking for a retrace to touch ~1160 which corresponds to 50% of this weeks range and also the lower boundary flag trendline. If it...

IMO, I think that if last weeks high and the gap below hold then we will see continuation to 1260 at least. If not and we trade below 1170 then probably another sell-off. Just my 2 cents.

With you. 10% above 200 MA is 1269, just sayin :p

True, we'll find out tommorow :)

Wyckoff upthrust today against last weeks highs at ~1185. Not huge volume but signals possible reversal.

With you. Besides being short-term oversold, I do not see many reasons to be bullish for very long here. Price below 50 and 200 SMA, price below monthly pivot, price below July lows, and failed IHS back at 1130. Would expect any sharp reversal up to be met with selling.

With IB, you can use "bracket orders" where once either the target or stop is hit, the other order is cancelled (Nice to be able to walk away sometimes)