S&P daily pivots and break-down & up Targets

Put UP A 5 MIN CHART,

Now look at the 895 area

tell me what you see?

if the 895 area is broken that would be a big area to be taken out

Plus we have been down here 3 times, if the market was really
that strong it would not be here 3 time in the first place

so RIGHT NOW 895 IS KEY
 
I agree that we could see a significant swing down from that area - however. . .today, again is a strong up day whereby the indexes gapped up and have thus far held onto most or all gains. Volume is strong, too, exceeding even last Tues. and Wed.

Last week (Tues. to Fri.) to me was key. Bullish upside reversals on increasing volume (with one down day on light volume).

There is support at these levels (imo) and with many institutions now snapping up shares it is like you said a push to get through resistance.

If we do get a sharp pullback I can add another portion of my position.

Trade the market, nevertheless.

:D

pay$

PS I do see the weakness that may come from 3pm to perhaps the close.. This will be a good view of how well Paulson and Co. understand the futures - since they can right now push this thing right up through your resistance level of 917+!

In fact the path of least resistance does seem to be up, since while volume eased we are steadily moving higher. The trend has turned markedly bullish and bear lows may now be behind us.

:p
 
I wanted to share with you folks a pattern that has been showing up as of late

The CUP & HANDLE pattern has been back around again

H&S and Cup and Handle bee all over

I will post a pic, you can see it on your 3 min chart on ES
 
JB: Is that a double-bottom base from the indexes (the second leg lower to shake out the rest of the sellers).

A break above in higher volume could indeed portend to a fortuitous rally!gA

(perhaps)

:eek:
 
I find it most interesting the following.

The NQ downside targets are not <i>too</i> much below where we are now.

Interpretation: if we break and you are LONG 1NQ: 22 points is "just" a $440 drawdown.

Also, the ES overhead resistance level seems to have moved a bit lower. Right now, if we can move a bit higher and break out at 909.25 - to reach our target of 926.50, we will move right through 917 on the way up!

pay$

@<b>TradePilotPro1</b>: I started my own trading journal chronicling my quest to one day manage larger funds.

http://www.elitetrader.com/vb/showthread.php?s=&threadid=147395&perpage=6&pagenumber=1

Of course, I have included some of what I have learned from you (Joe Baker) and the daily levels you provide.

On two occasions I have attached your ES level (.jpg). I do not in any way want to cross a line with you, but do you mind that I may continue to do this? It is just to show some of the areas I am looking at to put on and pull off contracts (and occasionally scalp) from my "swing" trades.

<b>I do not have a problem, JB, if you do NOT want me to keep doing this.</b> Just let me know in a PM or here.

p$
 
Quote from paysense:

I find it most interesting the following.

The NQ downside targets are not <i>too</i> much below where we are now.

Interpretation: if we break and you are LONG 1NQ: 22 points is "just" a $440 drawdown.

Also, the ES overhead resistance level seems to have moved a bit lower. Right now, if we can move a bit higher and break out at 909.25 - to reach our target of 926.50, we will move right through 917 on the way up!

pay$

@<b>TradePilotPro1</b>: I started my own trading journal chronicling my quest to one day manage larger funds.

http://www.elitetrader.com/vb/showthread.php?s=&threadid=147395&perpage=6&pagenumber=1

Of course, I have included some of what I have learned from you (Joe Baker) and the daily levels you provide.

On two occasions I have attached your ES level (.jpg). I do not in any way want to cross a line with you, but do you mind that I may continue to do this? It is just to show some of the areas I am looking at to put on and pull off contracts (and occasionally scalp) from my "swing" trades.

<b>I do not have a problem, JB, if you do NOT want me to keep doing this.</b> Just let me know in a PM or here.

p$
More...


Not at all Pay$, I hope it helps traders here as we all know how hard it was when we started trading.

you see how the market was being held up in the past couple of days .............................HUMMMMMMMMM:confused: :confused:

I guess we know why now................LOL


Just my thoughts getting the best of me, but the late day sell off
and S&P down 23 points tells it all


JB
 
Thanks.

Not sure what you mean? Volume has been below average and recent gains held up well. But although the last three days may have been "constructive" in forging a new rally (they all had similar traits), obviously buyers did NOT want to step in.

Yes, quite a pullback and after-hours continues to be sketchy at best. I do see the market getting less and less uncertain (if only bit by bit).

Time will tell if the market needs to wring our more excess - of if institutions are going to buy at these or a bit lower levels.

Good trading to you, Joe.
 
You must log in or register to reply here.
Back
Top