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You are here: Home / Uncategorized / Trading the S&P e-Mini #2

Trading the S&P e-Mini #2

April 3, 2013 by DrGary Leave a Comment

Yesterday, I talked about how we can use the conventional bar chart together with a tick chart and the Weis Wave to get a leg up on the US morning session in the S&P e-Minis.  Here’s another example.

4-3-2013 ES 60 & 3K TickAgain, I’ll use the hourly and the 3,000 tick charts.  Yesterday pushed to another new high.  Savvy Wyckoff chart readers would see that there was also a large wave down on pretty strong downside volume yesterday afternoon (not shown, though you can see it on the hourly chart posted; check your wave charts).  That would flag at least the possibility that supply was entering the market and caution is warranted for those with a long bias.

The Globex rally to A showed a weak rally on weak volume, SOT in the waves, and overall light Asian/European sessions activity.  In fact, a lower high is put in – not the stuff of strong buyers.

The reaction down to B shows increased volume on both the hourly and the 3,000 tick chart just prior to the US open.  The background is weak.  We want to find a light volume rally to short.  That comes right off the US open.  A strong move down sets the stage for a trend day down, as heavy volume, one-sided internals, and breaking of supports give all the confirming data of a weak market.

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