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This is the trendline chart for ES. Notice I use constant-volume instead of time based chart for multi-day trendline. Each bar is V50,000. Adopt the Anek way.

I don't use commonly used pivot points (S1, S2, etc.). I've yet found too much values for them.

Since we are in an uncharted territory on the downside, it is getting tougher to determine the support level. The method I'm using is trendline/channel line plus some measured move. I'm wondering what other method people are using here. For example, today the support level on my chart based...

Please explain in more detail why the volatility at today's close is attributed to QUANT funds.

You may be right. This time 724 resistance acts like magic.

ammo, don't know why you kept fighting the tape. Such an uptrend day ususally closes at the high of the day.

724 is next resistance. May break it soon.

LC, where does your 718 come from?

I agree with you. Until then intraday-wise it is difficulty for the market to break two swing points on the upsdie. Today I was expecting the upside went to test at least the opening high (712). It ended and reversed at 708-709 resistance area. I didn't monitor NQ closely.

Almost symmetrical reversal. What a market !!!

Clearly the market is going down. However the scenario of a black Tuesday is very unlikely, IMO. Simple reason: huge down day ususally happens at turning points of a market cycle. We are not at a turning point at this stage. We are already deep in a down cycle.

VIX is at 50. The market moves like VIX is below 20. No panic. Just slow drifting. Very interesting.

Help me out. Why does the market stagger at 714-715? What's the significance of this area? I've yet figured it out.

The intraday uptrend channel is still intact at this stage. Can't imagine a crush to 720 unless something dramatic happening.

Hopefully this time we won't see another Friday afternoon bullshit

I agree with you. The currrent market definitely needs better skill and more patience to trade. One thing I feel better about the current market is that it is easlier to get filled with limit orders since the market moves slower.

Little selling pressure at 749-750 resistance. They may want to push up to 760.

Today it looks that the bulles want to clear and stand above 780.

Even though Porge's language is weird, I do think he has deep knowledge and trading wisdom. His existence makes this thread more diversified and more interesting.

The problem is that you may got blown out first before you have chances to take the trade if you follow all his recommendations. I had subscribed their service for six months to learn the Elliot wave stuff before they had the right call of the market top. Don't remember how many times he had...