ES Journal Archive (2009 - 2010)

[Pekelo]

Quote from volente_00:

how about we get near 1000 in Jan, then a fall back to ~850 to set up the ihs that then runs from ~850 to 1100 during the rest of the year.

Sounds like a plan.

What most bears don't realize that there can be huge rallies in a bearmarket. In 1929-30 the market retraced 50% (went back to 75% of the former high) before further down. That 50% retracement would be somehwere around 1150 or so, that would be my absolute max. high for the year. The max. low is 600.

This is gonna be a sideways to down market there is no point in hoping huge 2-300 pts drops, just take the 50-100 pts here and there....

 

[Lawrence Chan]

Extreme buying resume after 1 pm ET.

People cannot get enough of the dips ...

 

[smilingsynic]

Quote from Pekelo:

Sounds like a plan.

What most bears don't realize that there can be huge rallies in a bearmarket.

The hugest rallies in the market period are during a bear market.

 

[Lawrence Chan]

Everyone is leaning on NQ and NDX being up on the day.

It is up to NQ then to lead the upside breakout ....

Edit: It is very hard to do because if there is no AAPL, GOOG, and RIMM holding it up, NDX should be in red.

 

[smilingsynic]

Quote from Lawrence Chan:

Scenario is clear now -

1. Break down trendlines from the peak, going to R1 at 40

2. Break uptrendline + VWAP + open range at 24, going to S1 at 04

R1 only if Friday's high transforms from resistance to support.

A failure to do so would suggest a retouch of the daily pivot.

 

[newbie463]

SS, where do you have the dily pivot?

newbie

 

[vertigo3]

daily floor trader pivot based on RTH (this is how ss calculates it) is 918.50

(provided I took the right numbers off the chart)

R1 is 940.33

S1 is 904.00

 

[trackstar]

tick is retarded...

 

[Lawrence Chan]

Quote from trackstar:

tick is retarded...

Tick index by itself is messy as there are a lot more ticks ...

However looking into the details you would see that since past few days the buying is not the usual crowd, throwing usual market behaviour out of the window.

Edit: I remember mentioning the pattern here once, with back to back extreme tick reading on one side only (like buying only) for 2 days, a short term top is in. Last time that happened mkt sell off 80 pts straight down.

 

[smilingsynic]

Quote from vertigo3:

daily floor trader pivot based on RTH (this is how ss calculates it) is 918.50

(provided I took the right numbers off the chart)

R1 is 940.33

S1 is 904.00

Let's just say the 918 zone. Even 919-920 would suffice as a downside target. Pound wise is better than penny foolish.