ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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summation of action today, basically it couldn't hold above 1550. Tommorrow, they still have a chance to hold it up above 50, and then the sentiment shifts the longer its held up above it.
But samething vice versa, the longer it stays below 1550, its implied a retest of Fridays lows, is in order.
But samething vice versa, the longer it stays below 1550, its implied a retest of Fridays lows, is in order.
Earnings on Tap for the Week of July 23rd - The more notable companies reporting earnings the week of July 23rd include: Mon 7/23: AXP, ALTR, HAL, HAS, MRK, SGP and TXN. Tues 7/23: BIIB, CFC, DD, KMB, UPS, NOC, PEP, AMZN, T, AV, LLY, LMT and X. Weds 7/25: AAPL, CL, COP, ETRD, GLW, FCX, RAI, XRX, NTDOY and SYMC. Thurs 7/26: AET, CELG, CCE, CHI, F, K, LLL, ODP, RTN, DOW, WEN, and XMSR. Fri 7/27: BHI, CCU, ITT, KIM, CVX, FO and IR.
FOTW
tempted to buy these and sell them out at retest at 1550.00, but the way it looks, it looks like futures will open negative around 43-45.
Just a suggestion for anyone who cares to watch for it..
What sometimes happens in situations like this, is that price auctions up first. It "drives" up strongly (I call it an impulse move) and then fails. That (failure) is the reversal setup that I would be looking for tomorrow. I would look for price to test 1556 and then fail...
By the way 1556 is the low of 7/19 and the high (actually 1556.25) earlier today..
Finally, be looking for wide range bars. Institutional players use their capital to sweep the market and create wide range bars. This allows them to "strand" other participants and create parabolic drops as they take profits. What I like to do is to scan left and look for previous wide range bars below 1556.
Hope this helps
Good luck
Steve
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