The anticipated pullback came and went quickly yesterday. It was short-lived and ended in a spring of Tuesday's low for good two-way trading. I suppose the seasonals and all the news are having their influence. In any event, here is a 27,000 Tick chart of the last few days. The market is hanging right below resistance this morning. This is potential absorption. We will … [Read more...]
Free Webinar at Big Mike’s
I'll be doing a free webinar at Big Mike's Trading Forum. I am not too much a fan of trading forums in general, given some experiences I have had on them, but Big Mike's is truely different. I like it. His approach is about high quality content without a lot of the extraneous drama you get on most forums. It is one of the very few (only one?) I can recommend to traders. … [Read more...]
Interesting Day in S&Ps
I mentioned in my last post that I viewed the market as running out of gas (temporarily) and expected a pullback. I still do. The morning opened with a small drive down and on good volume, indicating supply. About an hour later, we get an upthrust, but it didn't give much. We remained range bound through the rest of the morning and into the early part of the afternoon. … [Read more...]
S&Ps Hit A Snag
Helen and I have been on a little vacation taking time off from the blog for some early winter hiking in New Hampshire. Thanks to all who wrote in saying they missed the blog. After a good strong rally, it looks like the S&Ps will try for a pullback. You can see on the daily chart (not shown) that it has been hard making upward progress after the big up day on November … [Read more...]
Morning Trending Conditions
In yesterday's post, I mentioned volatility had contracted and we can anticipate increased trading activity today. I also indicated that an early morning break of Thursday's lows (1206.50) would portend further downside movement (see that post here). That certainly occured today. Prior to the US open, we saw the market break Thursday's 1206.50 lows and continue to push … [Read more...]