ES Journal Archive (2009 - 2010)

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Correct. Although tonight we do have a downdrift, we could have back to back ADUs with minimal or no overnight downmove...

A good example would be last night, when futures were mostly in the green. The chance of 3 ADUs in a row is very low though...
 
I'm sure bigpipn will have more thoughts on this as he seems to be more forex focused than myself, but I do trade in the currency futures a bit.

Fairly large move down in euro/yen this morning. Watching the 130 level for support but failure there could be telling us the stock markets run may be getting ready for a pullback. This is along with some strength in the yen and dollar - all three pointing to lower equities, however it sometimes leads by day or two.

Just something to watch for anyone trading on more than an intraday basis.
 
Quote from Bigpipn:

Sounds good.

All I know is that the momentum is running out fast. Eur/Jpy should have a nice sell off. It touched the 200EMA to the tick on the daily on the 24th plus Tomorrow is a 13 count sell--minimum 400 pip sell off is coming. Once it closes below 131, the flood gates are open. If we get a strong sell off in equities 125.50-126 should serve as strong support.
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Eur/jpy sold off ~400 overnight--broker only filled me on 2 orders but nonetheless 230 pips net.
 
Quote from riskymove:

I'm sure bigpipn will have more thoughts on this as he seems to be more forex focused than myself, but I do trade in the currency futures a bit.

Fairly large move down in euro/yen this morning. Watching the 130 level for support but failure there could be telling us the stock markets run may be getting ready for a pullback. This is along with some strength in the yen and dollar - all three pointing to lower equities, however it sometimes leads by day or two.

Just something to watch for anyone trading on more than an intraday basis.
More...

Eur/Jpy was poised for a sell off (13 count sell on daily as well as various other 5s and 9s on shorter timeframes--truly a once in a quarter set up in FX). This does indicate a nice pull back in equities is to follow suit.
 
Quote from Bigpipn:

Eur/Jpy was poised for a sell off (13 count sell on daily as well as various other 5s and 9s on shorter timeframes--truly a once in a quarter set up in FX). This does indicate a nice pull back in equities is to follow suit.
More...

Moment of truth for the equity mkt.

If the initial run up of 3 weeks is for real and that we close positive again with another up week, money will flood into equities at all support levels below. Will likely create a congestion that takes at least 5 to 8 trading days to resolve.
 
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