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...]
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...]
US Stock Market Weakens. Next Moves.
Friday saw some strong selling come into the US Stock market. This was not constructive for the market. Does it mean we are now about to go lower? Based on the current picture of supply and demand, I think the odds favor lower prices. Let's take a good look at the daily bar chart of the S&P e-mini futures market (ES) since early September, and then apply the Weis Wave … [Read more...]
