Happy Thanksgiving! This is the time of the year those of us in the US pause to acknowledge and appreciate what we have. Helen and I have much in our lives to be thankful for, not the least of which is our wonderful community of traders from across the globe. We wish to offer a warm and heartfelt 'thank you' to each and every one of you for being a part of our little corner … [Read more...]
US Stock Market Rallies From An Oversold Condition
As we always do on Thursday evenings in Deep Practice, we looked at the S&P e-mini market to see what its likely next move will be. Traders in the Deep Practice group noted that the S&Ps were making a new low after a lower high had been put in. The immediate trend was therefore down. They also noted that the market was very oversold. We can tell this in a number of … [Read more...]
US Stock Market: What’s Next?
On Friday, we saw the US Stock market as represented by the S&P e-minis (ES) hold just above the 1360 level - a level we discussed in my last post (which can be viewed by clicking here). We remain oversold on the daily chart. Volume was sustained Friday as the market rose off its daily low. We are also revisiting the yearly high of 2011 (1373.50). So, there is enough … [Read more...]
Sell Off in US Stock Market
We've been expecting this sell off for the past few weeks, and have been discussing it in previous blog posts and in Deep Practice. We've had two strong trend days to the downside over the past two trading days, breaking down below the 1395 pre-election support level. Since we are now oversold, we may see the market try to hold in this area tomorrow. If it does and that … [Read more...]
Today’s Trading
The day after a strong day down like we had on Friday tends to see consolidation and range bound trading. This morning, after trading sideways for about an hour (A), it was clear the sellers were unable to take the market lower. A move off the lows followed by a test gave the first trade of the day. Any morning rally after a strong day down is usually short-lived. The … [Read more...]
