Picking Tops.

With only 281,286 ES contracts traded today and a close below 1405.00 MP level, I would say we have an overall negative play going into Sunday night overnight session for the EU markets.

If the EU markets are weak again for their Monday trading we may get a 1400.00 re-test in the overnight session.....so I am holding SHORT's (from 1406.00) again for the overnight session Sunday.
 
Quote from 5Pillars:

With only 281,286 ES contracts traded today and a close below 1405.00 MP level, I would say we have an overall negative play going into Sunday night overnight session for the EU markets.

If the EU markets are weak again for their Monday trading we may get a 1400.00 re-test in the overnight session.....so I am holding SHORT's (from 1406.00) again for the overnight session Sunday.
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Covered my final positions at 1401.50...........

http://www.charthub.com/images/2006/11/26/ES_317_VB.png

I will wait until the EU market opens to look for new signals.
 
Today was "Bombs Away" (some of todays numerous trades)...............

http://www.charthub.com/images/2006/11/27/ES_317_VB_2.png

http://www.charthub.com/images/2006/11/27/ES_317_VB_3.png


Weakness right out of the open and UGLY A/D lines that were a big indication of what was ahead (first time in a long time, and not all that surprising with the movement of the dollar and the swings of the overnight futures lately)...........

http://www.charthub.com/images/2006/11/27/AD_Track_.png


Short term top.....PICKED. :eek:
 
Quote from Dackster:

How do traders know when a top is approaching?
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wanna know what a top looks like? take a look at the last couple of days....it looks like that.
 
Quote from Dackster:

Hello guys. Yes, i'd say that may be a short term top. Good trading.
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Too early to say that. 2moro is a key day........

Be patience. IMHO

Always a learner
 
Quote from Learner:

Too early to say that. 2moro is a key day........

Be patience. IMHO

Always a learner
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I second that. Top trend line on monthly is just under 1370, next support is at 1360.98 (SPX), I would wait for these 2 levels to be broken and ride it to 200ma.
 
What a lovely day for intraday! We've seen signs of a tiring market -- now we get this nice little correction. We are near the bottom of the S&P channel. Will we change trend, probably not. But who knows, or cares, so long as the market moves. It is pointless to predict tops or bottoms. We could all see signs that the market was getting a bit long in the tooth, but that doesn't mean it is ready to change trend yet. The important thing for intraday is just to recognize what the trend of the moment is, if there is one. The important thing, if you're an investor, is to recognize when the longer term trend has changed and what is is. That's not hard to do. You could tell from overnight trading and the futures that today had a good probability of being down, but if you called it last week, as some of you did to look like geniuses, you were in fact just lucky. I hope everyone had as nice a day in the market as i did.
 
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