John's Intraday Market Analysis

looking to short ER2 on weakness, guessing we will hit resistance at 726.

However, ER2 looks strong today compared to how it moves with YM.

YM hit 11800, and got rejected, look for 2nd failed attempt.

Market stats are 50/50.

DAX in range.

Market #'s out at 7 and oil # out at 7:30.

SMH and AAPL weak.
 
ER2 is stronger to the upside than all other indices right now. Not so sure about my idea for a short. YM actually looks like a better short, unless we break thru 117815.
 
YM at 11815 resistance, er2 near yesterday resistance 727.5. This could be HOD. Market stats more bullish.

TICKs above 0 line almost all day. 2 up waves formed. THis could be an uptrending day with typical automated program hitting near MA crosses.

SMH crossing 34, watch for possible short for when it crosses below 34.
 
SMH rejected off 34.2.
looking for short. short er2 728.1, target 725, stop 730.3.

watching for smh to retest 34.2 and hoping for reject for short position.
 

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Market stats 2;1 bullish. er2 near 7 day trendline resistance at 731.

smh retesting 34.2. watch for failed breakout for possible market reversal.

Things still look like an automated buyers trading day.

AAPL HOD hit at ~8:25 (20min ago)

ER2 strong resistance at 732.

AAPL lead the rally, then NQ, then YM/ER2.

currently SOH waiting for SMH signal.
 
todays pattern looks similiar to last friday and mondays dub bottom. Will 732 hold the next 3 days?

If it does, I'm guessing things will continue down.

Money is going into big caps. Oil is getting beat down. Amex has also been doing pretty bad.
 

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