June S&P E-mini Futures: Today's range estimate is 1155 – 1166. The market is still stuck in a 20 point trading range but I think a strong move upward will begin soon. The ES should reach 1200 in April on its way to 1225 or so. 1164.25 -1173.75 actual yesterday (9.50 points) 1162.75 low last night 1155-1166 estimate for today (11 points) 1165 currently, so estimate is -10 to +1 from here (very bearish)
That makes sense SC and definitely appreciate your insight. I know you weren't attacking Dread's charts. I just want to point out that his charts do tend to be useful but maybe the underlying symbol is more important. I dunno.
Those instruments are slaved to the underlying index. Thus, analyzing the underlying index would yield better insight. Supply and demand pressure on these instruments can only result in transient distortion.
I think the daily rebalancing and the leverage create distortion in price pattern from one day to another. I don't know if such distortion can result in wrong conclusion or not. But the risk is there. In contrast, the underlying index without the artificial distortion would yield a clearer picture.
My comments have nothing to do with Dread's or anyone's charts or capability. I wasn't thinking in terms of those factors.
lol
There you go, folks. Market top at Dow 11816.
So the ES is going to 1070-1080, and then rally to 1270!
Looks like our first target has been given to us. Thanks again Sun…
Monica,
This is simply not a good place to discuss the merits of 3x ETFs.
People are trying to help their fellow traders avoid pitfalls, which is admirable. I'm going to let it all go.
Finally… some fun!
Carl’s morning call:
June S&P E-mini Futures: Today's range estimate is 1155 – 1166. The market is still stuck in a 20 point trading range but I think a strong move upward will begin soon. The ES should reach 1200 in April on its way to 1225 or so.
1164.25 -1173.75 actual yesterday (9.50 points)
1162.75 low last night
1155-1166 estimate for today (11 points)
1165 currently, so estimate is -10 to +1 from here (very bearish)
DIA PM Tick
http://www.flickr.com/photos/47091634@N04/44783…
Some things matter, and some things don't.
That makes sense SC and definitely appreciate your insight. I know you weren't attacking Dread's charts. I just want to point out that his charts do tend to be useful but maybe the underlying symbol is more important. I dunno.
Just trying to be helpful. 🙂
One of my mentors used to say, “If you don't agree, then do as you please and live with the consequences.” lol
Those instruments are slaved to the underlying index. Thus, analyzing the underlying index would yield better insight. Supply and demand pressure on these instruments can only result in transient distortion.
I think the daily rebalancing and the leverage create distortion in price pattern from one day to another. I don't know if such distortion can result in wrong conclusion or not. But the risk is there. In contrast, the underlying index without the artificial distortion would yield a clearer picture.
My comments have nothing to do with Dread's or anyone's charts or capability. I wasn't thinking in terms of those factors.