I am posting this a little late - I had meant to post last night but forgot to publish it! We are just back from the Thanksgiving Holiday where we spent time with our family in New Hampshire hiking and enjoying our beloved mountains. Now, it is back to work! Today (Tuesday, November 27), the market failed to rally higher. Resistance at the 1407 level held throughout the … [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...]
Post Hurricane Trading
After being shut down for two days, the US Stock market reopened yesterday, despite the hurricane damage and enormous cleanup to be done in and around Wall Street in lower Manhattan. As I mentioned last week, there is weakness in the market and that played out yesterday. The market rallied up to and failed to hold the 1416.75 high put in last Thursday (October 25). Note the … [Read more...]
