June S&P E-mini Futures: Today's range estimate is 1060-1085. I think the low at 1036.75 ended the drop from 1216. I had thought that the “base building” process was over, but instead we have seen another break of more than thirty points. I believe the drop from Friday's early high at 1107 will end above the low at 1055.50 made late on May 26. Once the market stabilizes a move to 1300 will start.
1067.25 – 1078 range last night (10.75 points) For the past 9 days, the over night range has averaged 22.6 points.
1060-1085 estimate for today (25 points) 1073 currently, so estimate is -13 to +12 from here (neutral)
At this point I will have to go with Mon…all charts have MA aligned all macd going down…my hr and wk charts are not aligned with the SMA but the macd is down…I am going with up on open then get in for short…
I've got a bad vibe on today after learning that last Thursday was a major accumulation day. We have retraced about 50% of that gain, and I think we are due for a rally for a couple of days.
Going to take some profits today, I think. Not going to chase it, though, if the market opens higher. I think it needs to test support after the elaborate top of the past few days.
It only takes a few burns to realize placing trades near open is nuts.
Good to hear!
I don't believe in trading in the first hour anyway, unless I feel that I should have done something last night, which I don't.
Thinking maybe a mid-day turnaround after going to 1050 or so. If we have a rally, it will just be a bear trap, IMO.
Carl’s morning call:
June S&P E-mini Futures: Today's range estimate is 1060-1085. I think the low at 1036.75 ended the drop from 1216. I had thought that the “base building” process was over, but instead we have seen another break of more than thirty points. I believe the drop from Friday's early high at 1107 will end above the low at 1055.50 made late on May 26. Once the market stabilizes a move to 1300 will start.
1067.25 – 1078 range last night (10.75 points)
For the past 9 days, the over night range has averaged 22.6 points.
1060-1085 estimate for today (25 points)
1073 currently, so estimate is -13 to +12 from here (neutral)
At this point I will have to go with Mon…all charts have MA aligned all macd going down…my hr and wk charts are not aligned with the SMA but the macd is down…I am going with up on open then get in for short…
You could be right!
I guess I'm just tired of having profits snatched away. 🙂
Funny – I feel the opposite. Think we open at the highs and then plummet. But again, it's just a feeling.
I've got a bad vibe on today after learning that last Thursday was a major accumulation day. We have retraced about 50% of that gain, and I think we are due for a rally for a couple of days.
Leading economic indicators are pretty rosy, too:
http://www.bullandbearwise.com/
Going to take some profits today, I think. Not going to chase it, though, if the market opens higher. I think it needs to test support after the elaborate top of the past few days.
Thanks Red!
Dow jones EOD Analysis
http://niftychartsandpatterns.blogspot.com/2010…
Thanks for your comments. I saw the 20 EMA in daily chart. It will take a nice reversal pattern for SPX to cross the 20 day EMA