As we do each week in Deep Practice, we reviewed the current S&P charts to see what the market has been doing and what it is likely to do next. Starting with the weekly chart, we noted that the weekly as it looked on Thursday night (as shown here) appeared poised to close down below the close of last week. Given the heavy downside volume seen on Wednesday (A) on daily … [Read more...]
Trading the S&P e-Mini #2
Yesterday, I talked about how we can use the conventional bar chart together with a tick chart and the Weis Wave to get a leg up on the US morning session in the S&P e-Minis. Here's another example. Again, I'll use the hourly and the 3,000 tick charts. Yesterday pushed to another new high. Savvy Wyckoff chart readers would see that there was also a large wave down on … [Read more...]
Trading the S&P e-Mini
Even though the market has been showing a lot of daily price bars overlapping one another recently, there are still levels at which the market can be watched carefully for buying or selling to reveal itself. In Deep Practice this week, I highlighted the narrow green box on the daily chart as an area that the market could find support, should it chose to return to that level. … [Read more...]
A Study in Multi-Time Frame Day Trading
I am primarily a day trader. It's not that I won't hold positions overnight. I do, as there is a strong edge at times for holding a trade though the overnight session to try and capture further price movement the next day. What I look for But as a day trader, I am keen to try and find the day's low or high and try to trade from there. Today, I was looking for the market to … [Read more...]
US Stock Market Update
The US Stock market as represented by the S&P 500 futures (ES) had a good rally last week. It overcame the very heavy volume of the prior week. The weekly closed firm and the monthly chart painted another bullish bar for February. Overall, I continue to see strength in the upside for the longer-term. There has been no significant supply that has come into the market. … [Read more...]
