I have been mentioning the 1400 level in the S&P e-minis for a few days. You can read the posts where I discussed that level here. I've been looking for a pullback to the 1400 level for a buy opportunity. That came this morning. Here is the 3,000 Tick Chart of the S&P e-minis with the Weis Wave. The 1400 level is highlighted. Note how we became oversold in the … [Read more...]
The Value of a Wyckoff Perspective
There is no doubt in my mind that the Wyckoff perspective offers the modern trader a very strong technical edge. Today - like virtually all trading days - provides excellent examples of Wyckoff principles. Keep in mind that the Wyckoff method is all about reading the market by its own actions. Surely it is not infallible, but the astute Wyckoff student can read much in price … [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...]
More Market Weakness Expected
As we anticipated last week (see post here), the market weakened, breaking the support around the 1420 level. Although it tried to hold on Monday, the buyers failed to rally off of support and sellers took the market down decisively on Tuesday. The remainder of the week saw the market slide lower down to the 1394 level painted on the closing days of summer here in the … [Read more...]
