Fujisan has 105.00 as a likely target by this Friday, and then up to 110.00 by OPX. I agree with her on this. She is a great charts, and correct many times. Her, Anna, and Kiersten are all good traders and chartists.
Well, you have to watch them all night to see where they trade at. What was the overnight low, and the overnight high, etc… They will many times retest the low or high in the regular hours.
Now that assumes little movement in the overnight session. If you have a 10-15 point spx move, either up or down, I'd say a gap open it that direction is highly likely, and also that the day will most likely be a trend day.
Just like Monday's futures where up 20 points or more before the open. There was no way that was going back down. It's called a “gap and go”, where the market gaps above or below a key resistance level, or support level, and keeps going in that direction all day.
So, looking at tonight's futures, there is key support around 115.00, and the market has hit that area and rested. I see 115.00 being a like target hit tomorrow at some point.
Ain't that the truth! I'm wrong on most of calls, which makes me wonder why people still the posts? I give it my best, but I'm not connected on “the inside”, if you know what I mean…
Let's see if it comes true tomorrow? I really would like to see one more try at breaking the 50 dma, and a failure of course. The more times it try's, the harder it will fall.
I kept her projection as a reference, yes fuji is quite good with her analysis.
Fujisan has 105.00 as a likely target by this Friday, and then up to 110.00 by OPX. I agree with her on this. She is a great charts, and correct many times. Her, Anna, and Kiersten are all good traders and chartists.
http://slopeofhope.com/2010/05/spy-may-opx-pin-…
Well, you have to watch them all night to see where they trade at. What was the overnight low, and the overnight high, etc… They will many times retest the low or high in the regular hours.
Now that assumes little movement in the overnight session. If you have a 10-15 point spx move, either up or down, I'd say a gap open it that direction is highly likely, and also that the day will most likely be a trend day.
Just like Monday's futures where up 20 points or more before the open. There was no way that was going back down. It's called a “gap and go”, where the market gaps above or below a key resistance level, or support level, and keeps going in that direction all day.
So, looking at tonight's futures, there is key support around 115.00, and the market has hit that area and rested. I see 115.00 being a like target hit tomorrow at some point.
Hopefully, that makes some sense too you?
Great Post Red. I agree… we need to at least retest 1100 or 1050
will LOVE to trade it 🙂
How much credibility do you place on futures. i am to the point that i believe they are almost a useless tool. Not necessarily contrarian but close.
Thanks Gman…
nIce Post Red, Talk to you tomorrow.
Ain't that the truth! I'm wrong on most of calls, which makes me wonder why people still the posts? I give it my best, but I'm not connected on “the inside”, if you know what I mean…
Thanks Rat…
Let's see if it comes true tomorrow? I really would like to see one more try at breaking the 50 dma, and a failure of course. The more times it try's, the harder it will fall.
Great post Leo!