ES Journal Archive (2006 - 2008)

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Quote from Lawrence Chan:

If the price is going nowhere in the next hour, the daily overbought condition will bring the price down.
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however there is still upside room to go on the nq daily chart.
nq is not overbought yet.

NOTE: Oil is still falling and cash is still positive this mornings open.
 
Quote from Lawrence Chan:

If the price is going nowhere in the next hour, the daily overbought condition will bring the price down.
More...

I don't see the daily as overbought. For example RSI currently clocks in at 43.91.:)
 
Quote from Buy1Sell2:

I don't see the daily as overbought. For example RSI currently clocks in at 43.91.:)
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Feels like summer ...

Moves like summer too!

My overbought condition on daily is mild, as long as we see the closing print above 1278, the rally should continue.
 
LC,
1278 close today? wow, that would be a strong move for sure.

how about first, a move down to 48.75-47.00 area to wipe out some of the weaker handed steadfast longs established at 7/22 lows.
 
Quote from vertigo3:

LC,
1278 close today? wow, that would be a strong move for sure.

how about first, a move down to 48.75-47.00 area to wipe out some of the weaker handed steadfast longs established at 7/22 lows.
More...

The daily overbought condition I am watching implies something much more serious than that.

If 49 does not hold, 1200 or lower will be in play.

p.s. The disturbing pattern of buying every single $tick low print is continuing. That means, we have a lot more daytraders buying dips as oppose to a balanced play.

Edit: 1278 is needed for the rally to continue because it is the price that can enable most indicators to print bullish signals.
 
technically speaking ES would be in play for a long at 48 if the 50 support is broken. this does not look like a big down day. more like a consolidation day where the market trades up and down the establish intraday ranges.
 
Should be an inside low day. If the NQ takes out the 15 low then we should see downside momentum picking up this week.

In the meantime I'm still looking to buy this dips
 
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