Here's my first market prediction. You'd be a flaming lunatic to trade on any of my predictions, I can't even tell you what the market's gonna do in the next hour, let alone the next couple of months.
Being a true American, a lack of ability doesn't even slightly reduce my desire to express my opinion, so here it is. In an effort to imitate good ideas which are simple, here's a very simple chart. It's a bar chart of ES during market hours (9:30 - 4 Eastern). There's a gap from 1181.25 to 1183.75 which occured overnight between 5/17 and 5/18.
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=800132>
Thing is, these gaps nearly always close. Scrolling back 5 years, I only see 2 gaps that didn't close, both coming off of the double bottom in mid-October 2002. Errr. whoops. Those gaps closed. but there was another coming off the 800 support test in mid March 2003 that didn't close. One gap failed to close over 5 years. Plus this other one.
Something to think about. Good trading to everybody tomorrow.
Being a true American, a lack of ability doesn't even slightly reduce my desire to express my opinion, so here it is. In an effort to imitate good ideas which are simple, here's a very simple chart. It's a bar chart of ES during market hours (9:30 - 4 Eastern). There's a gap from 1181.25 to 1183.75 which occured overnight between 5/17 and 5/18.
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=800132>
Thing is, these gaps nearly always close. Scrolling back 5 years, I only see 2 gaps that didn't close, both coming off of the double bottom in mid-October 2002. Errr. whoops. Those gaps closed. but there was another coming off the 800 support test in mid March 2003 that didn't close. One gap failed to close over 5 years. Plus this other one.
Something to think about. Good trading to everybody tomorrow.