That news is pretty old and happened well before the US market opened I believe (as for the first car they found). I doubt it has something to do with the sell off since I heard that news 4 hours ago.
ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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I meant the first car was found early morning Friday in London well before the market opened and the second car was reported on 5 hours ago or so, and the market had no reaction really.
nice move. should have stuck around.
(DAILY): Long range bar > Bearish hammer > Spinning Top
"Candlesticks with a long upper shadow, long lower shadow and small real body are called spinning tops. One long shadow represents a reversal of sorts; spinning tops represent indecision. The small real body (whether hollow or filled) shows little movement from open to close, and the shadows indicate that both bulls and bears were active during the session. Even though the session opened and closed with little change, prices moved significantly higher and lower in the meantime. Neither buyers nor sellers could gain the upper hand and the result was a standoff. After a long advance or long white candlestick, a spinning top indicates weakness among the bulls and a potential change or interruption in trend. After a long decline or long black candlestick, a spinning top indicates weakness among the bears and a potential change or interruption in trend."
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1517099>
(WEEKLY): 4 failure attempts to break the high > Long-legged doji
"Long-legged doji have long upper and lower shadows that are almost equal in length. These doji reflect a great amount of indecision in the market. Long-legged doji indicate that prices traded well above and below the session's opening level, but closed virtually even with the open. After a whole lot of yelling and screaming, the end result showed little change from the initial open."
So what is the general consensus? IMO weekly divergence in combination with price behavior points to a sell-off/correction/reversal.
1) Histogram on weekly is now below centerline and have a look what that has caused in the past, especially considering that this divergence is probably the best example one can ever find;
2) 20 average is closing in on a 50 average which is a bearish crossover;
3) Last 3 days price action means that:
a) Support got triggered followed by upside;
b) Continuation bearish hammer (lever rejection);
c) Spinning Top neither bulls nor bears have given ground that day.
IMO weekly will prevail and we are currently parked up on the border of the Bearstatten
Sell them rallies!"Trade what you see" - Master Osorico
Buy1Sell2,
Since you are primarily a longer term trader (from your intro to this journal), what is your take on the ES through the end of this year? Do you see a correction greater than Feb 27th before the end of this year?
Thanks in advance.
John
Since you are primarily a longer term trader (from your intro to this journal), what is your take on the ES through the end of this year? Do you see a correction greater than Feb 27th before the end of this year?
Thanks in advance.
John
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