it's a mess like the chart shows, the TA enthusiasts will see a H&S but we already know the market is going higher because of the 1127.38 gap.
today through friday will give us some clues about the long term timing, for a multi-month reversal we need a close above 1115.10 on friday. Now to pinpoint the week it starts we'll need a weekly close above 1144.98.
A close above 1144.98 this week seems highly unlikely, so then we wait for the close next friday.
I really don't know what to think at this point? The sell off yesterday didn't have any real volume behind it. That means the institutions aren't selling yet. Why? Are they waiting for a higher price?
If they can only push it to 1104ish tomorrow and the volume is VERY light then I think we head down soon. Anything moving up to 1115 and I think we might rip higher.
One more thing. The 50 day MA for $RUT will be very close to but not identical to IWM's, and the market pays more attention to IWM than /TF. Use IWM as the indicator to time a bounce in TNA.
Watch for bounces on the 50 day MA and 20 day MA on $RUT. Assume that the 50 day MA will play support for the first bounce. Buy TNA for a scalp at the bounce point. Should be good for an easy 3% day trade in TNA.
From that chart, last week friday had a pretty good (but not ideal) entry point for TZA.
Keep in mind that the January 24th-25th (or so) $RUT buy signal has not been invalidated … yet. We need to see $RUT:$RVX close outside the upper bb, then close inside the upper bb the next day for a new signal.
it's a mess like the chart shows, the TA enthusiasts will see a H&S but we already know the market is going higher because of the 1127.38 gap.
today through friday will give us some clues about the long term timing, for a multi-month reversal we need a close above 1115.10 on friday. Now to pinpoint the week it starts we'll need a weekly close above 1144.98.
A close above 1144.98 this week seems highly unlikely, so then we wait for the close next friday.
I really don't know what to think at this point? The sell off yesterday didn't have any real volume behind it. That means the institutions aren't selling yet. Why? Are they waiting for a higher price?
10:09 est
spy 60 min
http://www.flickr.com/photos/47091634@N04/43843…
for those looking for a big reversal in march, the action this week so far isn't indicating that
SPX 3 min gaps from past two days
1109.52
1107.03
From Carl just now:
March S&P E-mini Futures: Today's day session range estimate is 1092-1105. The market will reach 1200 over the next three months.
estimate for today: 1092-1105
estimate for yesterday: 1100-1112
currently: 1097
low last night: 1092.50
As long as we don't rest the high, I think we will sell off next week. But for now, you're right… no man's land.
No man's land here.
If they can only push it to 1104ish tomorrow and the volume is VERY light then I think we head down soon.
Anything moving up to 1115 and I think we might rip higher.
Hi Dread, Trading any lately. I am just holding on to what I have at the moment.
One more thing. The 50 day MA for $RUT will be very close to but not identical to IWM's, and the market pays more attention to IWM than /TF. Use IWM as the indicator to time a bounce in TNA.
Watch for bounces on the 50 day MA and 20 day MA on $RUT. Assume that the 50 day MA will play support for the first bounce. Buy TNA for a scalp at the bounce point. Should be good for an easy 3% day trade in TNA.
From that chart, last week friday had a pretty good (but not ideal) entry point for TZA.
Keep in mind that the January 24th-25th (or so) $RUT buy signal has not been invalidated … yet. We need to see $RUT:$RVX close outside the upper bb, then close inside the upper bb the next day for a new signal.