market seems especially trigger happy. =) ... cant you feel the electricity in the air.. or it could just be the thunderstorm in the area.
ES Journal Archive (2006 - 2008)
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Well, there are several ways to look at it.
One thing I know for sure, no matter how I project it technically
in the end it is up to those who move size to decide whether they are interested in marking it up, or selling it down..
From my point of view it is going to be a tug-of-war between camps of participants playing on different time frames. Always is.
Whoever puts the most money to work tomorrow is going to win in the short term. But if you look at the open and close (especially the close) sometimes you see folks positioning themselves at what I call "the tails". Either buying tails or selling tails tell you that someone, other than intraday players are getting ready for the next days action and they have some money to spend.
One thing I know for sure, no matter how I project it technically
in the end it is up to those who move size to decide whether they are interested in marking it up, or selling it down..
From my point of view it is going to be a tug-of-war between camps of participants playing on different time frames. Always is.
Whoever puts the most money to work tomorrow is going to win in the short term. But if you look at the open and close (especially the close) sometimes you see folks positioning themselves at what I call "the tails". Either buying tails or selling tails tell you that someone, other than intraday players are getting ready for the next days action and they have some money to spend.
Here is one last thought on the subject
On this chart you can see the "buying tail" at the end of RTH.
This is what I call "initiative buying"..I call it that because someone is marking it up even though the $ADD (difference between advancing & declining NYSE issues) is trending slightly down. What it tells me is that whoever it is, they aren't hedging NYSE issues, and they probably aren't buying or selling NYSE issues. They are moving futures contracts, getting positioned for tomorrow. Either they know something about tomorrow's report, or then expect to scalp a bit at the open. Just my opinion.
P.S.
The folks overseas are apparently seeing it differently at this point in time, because they are selling it off over there. The Globex is down at 1503. Tug, tug tug...
The CPI is due out in about a half hour from now. Might see some fireworks then...
On this chart you can see the "buying tail" at the end of RTH.
This is what I call "initiative buying"..I call it that because someone is marking it up even though the $ADD (difference between advancing & declining NYSE issues) is trending slightly down. What it tells me is that whoever it is, they aren't hedging NYSE issues, and they probably aren't buying or selling NYSE issues. They are moving futures contracts, getting positioned for tomorrow. Either they know something about tomorrow's report, or then expect to scalp a bit at the open. Just my opinion.
P.S.
The folks overseas are apparently seeing it differently at this point in time, because they are selling it off over there. The Globex is down at 1503. Tug, tug tug...
The CPI is due out in about a half hour from now. Might see some fireworks then...probability dictates CPI is benign. World inflation numbers have been benign. The reaction will be upside attempt on the open with a chance for failure as the stops get taken out at 1510.00 to spill over a little to hit the trendy at 1512.00, unless the bigboys want to get long above that level, it should fail and quickly reproduce yesterdays price action, but with further downside progression.
At 0730EDT in Globex
Long @ 1503.50
Stop @ 1502.50 (1pt)
1st PT @ 1508 (4.5 pt)
2nd PT @ 1513 (9.5 pt)
Admittedly a crapshoot, but a decent risk-reward ratio.
Price currently oscillating between 1504.50 and 1505.00. If market breaks above 1505.50 I would expect it to go up to at least 1508-1509.
Long @ 1503.50
Stop @ 1502.50 (1pt)
1st PT @ 1508 (4.5 pt)
2nd PT @ 1513 (9.5 pt)
Admittedly a crapshoot, but a decent risk-reward ratio.
Price currently oscillating between 1504.50 and 1505.00. If market breaks above 1505.50 I would expect it to go up to at least 1508-1509.
Quote from steve46:
Here is one last thought on the subject
On this chart you can see the "buying tail" at the end of RTH.
P.S.
The folks overseas are apparently seeing it differently at this point in time, because they are selling it off over there. The Globex is down at 1503. Tug, tug tug...
Steve is the buying tail what you see from 11:00 to 13:00 ?
As for overseas markets the Dax just did a 50% retrace from the move from the 11th to 14th.
Chart looks bullish (for today) imo as long as 1502.75 (yest LOD) holds. I'm looking for it to shoot up on the CPI news.
Thanks for the posts
it could also go to 1520 since noone is expecting it. =)
woohooooooooooooooooooooo
1512 hit =)
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