Today was an interesting trading day. The market sold down from the overnight high. Although selling was dominant during the early part of the US session, it wasn't overwhelming enough to trigger a trend day down. The Weis Wave told us that. So when the market reached yesterday's low and failed to bring in supply, a Spring was initiated. Thrust in the price bars shortened … [Read more...]
Archives for January 2014
Follow Up to Yeasterday
In last night's post (see that post by clicking here), I suggested that we look for the market to hold around Friday's low and look for a rally to the 1830 level in the S&P e-mini futures. The Asian and European sessions saw buying above Friday's low and then rally. After reaching a high of 1832.50 at the US open, the market had an UpThrust on light volume and ran down … [Read more...]
The Week Ahead
After making all-time highs last week, the market as represented by the S&P futures (ES), is pulling back. I think this will be an interesting and telling week. On higher time frames, the market is overbought. That being said, the higher time frames are also in clear and strong uptrends. How the market acts this week will tell us whether the current pull back is just a … [Read more...]