John's Intraday Market Analysis

I never really have understood how to trade divergence , and not seeing yours here but it seems to me your doing very well and the 900 isn't that terrible would not beat yourself up too much over it ,you have already learned your lesson it seems. I have enjoyed reading your journal . please continue on with it ..
good trading !
 
dia at 50 ma, iwm at 200 ma.
dia at 23% retrace, iwm at 38% retrace.
daily trend still up.

ER2 resistance 733, 736, 740
support 729, 726, 722, 717.

SMH resistance 34.70, 35.00
support 34.20, 34.00, 33.60

small/mid caps more bearish.

<img src=http://www.windchart.com/std/Intraday/D/I/DIA_03a205fa503cgsmCU1e.gif>

<img src=http://www.windchart.com/std/Intraday/I/W/IWM_03a205fa503cgsmCU1e.gif>

<img src=http://www.windchart.com/std/Intraday/S/M/SMH_03e805fa503cgsmCU1e.gif>

<img src=http://www.investmenttools.com/images/de/worldm/gdaxim.gif>

DAX at 61.8% level, if we break 6300, we should rally.

<img src=http://www.investmenttools.com/images/de/dbreadth/ny_vadl.gif>
NYSE volume advance/declines

<img src=http://ichart.finance.yahoo.com/z?s=%5EVIX&t=5d&q=l&l=on&z=l&p=m50,m200&a=v>

VIX sell point 12.1-12.2, TRIN Sell point 1.25-1.40.

The sentiment on ET seems to be bearish and everyone is looking for a pullback.:D
 
ER2 held at 732 while YM moved up 10pts. Then Both came down together back to the +123% fib. YM will bounce, but will it take out the previous high?

THe DAX ended near its lows for the day and trended down all day.

All longs should be YM, and shorts should be on ER2.
 

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SMH near yesterdays high, indices look like they hit a wall of resistance. SMH will probably have to break yesterdays high for any more bullish action to continue. ER2 at HOD near yesterdays close @732.

Market internals looking more bearish but we still have good volume in SMH for this time of day.

I have to leave early today, so here are my trades for the day.

P/L= $70
 

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Hi John,

Nice journal. I'm a big fan of Market internals too.

Have you ever used pivot levels.

Check out the Monthly R1 level failure from Friday that closed right on the Monthly PP level.

Today's Weekly PP failure was pretty clear too.

Two beautiful ER2 sessions.

Cheers

J
 
Quote from jessop:

Hi John,

Nice journal. I'm a big fan of Market internals too.

Have you ever used pivot levels.

Check out the Monthly R1 level failure from Friday that closed right on the Monthly PP level.

Today's Weekly PP failure was pretty clear too.

Two beautiful ER2 sessions.

Cheers

J
More...

I put in my pivots each day as noted in one of the above posts. I look back 10 days for significant areas on the charts, and also take note of the daily and weekly charts. Monday we hit support on 726 and 722 just like I thought. I'll post my numbers later for tommorow if I have time. Here is a chart of the trendline continuation I saw earlier which was more of a fakeout breakout that gets the weak shorts out.
I'm studying monday's charts and small/mid caps are leading the bear slide down. At the top of the day there was bearish divergence in these indices and SOX.
 

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ER2 resistance 727, 732**,736
support 720, 717, 712, 707.

if ER2 were to rally up to 726-727 this morning for no good reason, that would be a good short entry. I really think we need to see 717 today, I'm just hoping we don't selloff in the first 15min right to that level. There is not much support at 717, so look to see 712 if we break 716.
IWM is near a huge falloff point.

SMH is opening at 33.65, down 60cents from yesterday close,,,,perhaps catching up to IWM.

DAX is down again today, slightly below 4 day lows.
 

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market looks 3:1 bearish.
SMH is trying to find support.
VIX at 12.89, flatlining, at sep 22 median point. 13.28 is high for that day.

ER2 at 717, SMH still flat.
 

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