In yesterday's post, I noted that there was less volume and less range on Friday, indicating that buyers were becoming tired and to be aware of a potential intraday reversal. Support was identified in the 1940-45 area and resistance could see the market lose steam around 1955-60. Lows were made first today when the market pulled back on low volume into 1946. Minutes before the … [Read more...]
Monday’s Trading
Yesterday, we noted that the 1925-30 level would present likely resistance to the S&P futures. The market couldn't quite reach that level, stalling with no demand at 1924.25. Close enough. A swift, 10-point fall after the US open pushed the market down to yesterday's low at 1914. This was noted as potential support on a Facebook post, with 1910 as strong support. We … [Read more...]
The Day After A Trend Day
One of my favorite days to trade is the day after a trend day. Yesterday was a big trend day down. Sometimes, it is hard to get aboard a trend day. Yesterday, there were several opportunities to enter short, but even so, traders often report that trend days can be frustrating events. Trades are taken off too early and sometimes it looks as if the market is bottoming, but it … [Read more...]
Friday: A Stellar Trading Day
Today was one of the better trading days. The day started with a continuation of yesterday afternoon's down move. The lows were reached just before the US open where a rise in volume with little progress down followed by light downside volume indicated the downtrend was over (1) and a first long trade. Accumulation then became apparent along the 1765-6 level, which led to a … [Read more...]
Today’s Trading
There was very good trading in the S&P e-Minis today. It was especially good for a day after a holiday. Supply was evident in the overnight market, as well as off the US open. This allowed for an early short trade. Volume came in strongly to the downside, and a small congestion area resulted in a minor UpThrust and another short opportunity. Volume characteristics … [Read more...]
