In last night's post (see that post here), I indicated a further rally was likely today. And, we did get that rally. Not a rip roaring rally, but it is the holiday period, after all. Many traders leave early for the holidays and so the volume and activity is typically low over the days leading into Christmas as well as the week between Christmas and New … [Read more...]
S&Ps for Tomorrow
Today in the S&Ps, we rallied up, fell down to nearby support, rallied again, and closed in the middle. It is not surprising to get a swinging day after a trend day up as we had on Tuesday. No supply showed itself on the intraday chart today. The Weis Wave - such a useful tool - shows that sellers just didn't come in. The structure indicates that odds favor a rally to … [Read more...]
A Trend Day Up in S&Ps
We were looking for a rally today, and we sure got a nice one! Let's take a look at how you can trade such a day: Three Simple Tools can be a 'Killer' Combination In the S&P e-minis and other active intraday markets, the combination of tick charts, the Weis Wave and the 3-10 Oscillator can be a ‘killer’ combination. In last night’s post, I stated that I was looking for a … [Read more...]
S&Ps for Tomorrow
Two charts are highlighted tonight: the ES daily and 27,000 tick charts. I mentioned in last night's post that I expected a rally that would start off from a dip down to or below Friday's low. That dip came in the overnight market (green arrow) and the ES rallied up nicely into the US open. I did expect the market to rally higher, but just after the US open it became … [Read more...]
What’s Next for the S&Ps
I've posted two charts of the S&Ps tonight: A weekly and a daily chart. Weekly Chart The weekly chart is forming an obvious apex. Presently, price is between the resistance of the June lows (red line) and the rotation area we have been talking about for the the past few days (orange box). When a market forms an apex, it signifies that volatility has contracted and that … [Read more...]
