Market already up pre-market by a good 10 points. Of course with a GAP of this size we should expect a stepping day with the low being set in the first 15 minutes of trading that should be within 2 points of the open.
However, it is my feel that this will not be occurring today. The same numbers still apply as I had outlined last week.
998 - 1004
1014
1021-1022
The key number in my opinion is 998 and this should not be exceeded on the first try, regardless of the GAP formation that normally leads to a trend day. The 4 digit range is too important to be gapped without any real run up during trade hours - I could be wrong but technically this should not be occurring. It is quite difficult to make a call here for today, a new week, a new month and a new important range.
Lets watch the first 30 minutes before making any calls for direction for the day and week.
what do you think now Chrsi? are you ready get get in on short side around 1004-1007? Thanks
ReplyDeleteafter confirmations I will. Not going to try to stand in front of this. Too much risk at this point still.
ReplyDeleteAnd I promised myself to take it easy on the short side. Been playing with forex more and more and did my first forex trade today. From a technical side its so much easier to trade. Clear channels, clear support and resistances.
And leverage is just as much (if not more) then you can get with equities, options, futures. I funded the account with $6K to start playing around with it - and have to admit I am surprised how much leverage you have and how much those markets move.
After my first week of real forex trading this week will be making a weekend review.
HI Chris, could please elaborate what confirmation you would be looking for? Thanks
ReplyDeleteHi Chris, does it look like the 1014 move here or we are there 1004 +- 1 point and we pause for down break here?
ReplyDeleteno idea to be quite honest. We have a wedge formed on the intraday however, this market is really not like anything I have seen before. Not a single pull back on such an important resistance level and test after test.
ReplyDeleteNot even a healthy bull market can overcome such resistance. I had always assumed the 1000 SPX barrier provides quite a bit of new supply for the market place for many 2008 longs that want to exit.
Not the case here, we just keep on going, at this point my numbers seem to be valid but of no use, as its not something you can trade, not even scalp for a few points. Quite incredible I have to admit.