Well Euro/Yen didn't make it over resistance. Interestingly, it is currently resting in the ambush zone, much like the ES. It's setting to make a nice challenge to the reistance. May the force be with them.
Inverted head and shoulders on the SPX?
- Thread starter fantastic4
- Start date
Well, looks like GDP was good, if you can call negative 3.8 good. The only market internal not supporting this early morning rally is the $TRIN, otherwise we got the VIX dropping, BANK rising, and I don't think we've had a single TICK under zero yet.
Actually you are not in understanding of what I am talking about......the trading and BOUNCES off the ZONE OF NET SHORT HOLDERS at the 863's to 865's (and also their stops up to the 867's) is a resistance area.
Price will NOT trade through that zone of SHORT positions held (area of "NET" SHORT HOLDERS) from the last time price had traded in that area, until those net short holders go neutral. If you noticed.....price bounced right off that zone I mentioned several times before the net short holders were neutralized and THEN price finally ran up through that zone to new highs. This is called an "inventory grab" as commercials will move price to SIZE resting (which are the ZONES of NET HOLDERS).
These NET HOLDERS ZONES act as true support or resistance areas day after day!
833.00's filled.....823.00 is next profit target level.Quote from AMT4SWA:
MAJOR trend is STILL DOWN, so I trade position trades with the major trend.
Covered 10% of my positions of the last 50% held with fills at 843.00 for just over 30 points of profit. My next profit target levels for any additional selling will be at 833.00, 823.00, 803.00, and 793.00....each level I will cover 10% of position until the last 10% is filled at 793.00
BTW, "Stay SHORT, and Stay OFTEN!" :eek:
Quote from AMT4SWA:
Actually you are not in understanding of what I am talking about......the trading and BOUNCES off the ZONE OF NET SHORT HOLDERS at the 863's to 865's (and also their stops up to the 867's) is a resistance area.
Price will NOT trade through that zone of SHORT positions held (area of "NET" SHORT HOLDERS) from the last time price had traded in that area, until those net short holders go neutral. If you noticed.....price bounced right off that zone I mentioned several times before the net short holders were neutralized and THEN price finally ran up through that zone to new highs. This is called an "inventory grab" as commercials will move price to SIZE resting (which are the ZONES of NET HOLDERS).
These NET HOLDERS ZONES act as true support or resistance areas day after day!
How do you decide where these "zones" are? Volume based price?
But the market was expecting worse than negative 3.8, even seven was on the low range. The initial reaction was a 10 point pop up on the ES.