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Yep, could be turning
The Buy volume is diminishing so the next thing to come in could be some Sell volume. I think News has been exhausted here, not sure what else could come out that is Positive, and the Euro is just churning. Either we get a long week of consolidation or some pullback here to retest lower SMA support. SMAs have been lagging and any catchup could easily put the Markets back below them and start some selling pressure. Definitely a good time to Watch rather than anticipate.
If we close here
If we close here it will be a hod at eod and Resistance with a lower high. It would not bode well for tomorrow, unless we get a gap over the resistance in the am. Any big gap up will most likely sell if lower than 1300. I am not gonna go short until some type of exhaustion move, which I expect next week, but not a bad time to take some Long profits off the table. Could start looking Short but you would have to use a wide stop and a good profit target as I think the Market volatility will continue.
Another retest of 1240/1220 is not out of the question
Need close above 1269 imo
Prior days we were getting a close above the Morning spike high.
I think if we close lower that will be the first sign of weakness and Markets might not like it overnight?
Volume is dropping and MACD is moving below 0.
Just never know what will happen in the AM, especially if we close weak.
Out TNA 47.35
Avg from 40 so locking in here
Most uptrend days see a pullback after 3 pm, expect today the same, otherwise could see hod at eod. Possibility of a gap up AM but just want to be Safe.
Enjoy the Day!
Out 1/3 TNA 46.33
Don't like the lower high here.
Still think we get an exhaustion gap to upside but lowering my exposure in case we don't.
Enjoy the Day!
CCI at 10am
So far the selloff from 9am CS Index is a bit muted, TNA support 45.50. Either the 10am will get some recovery or any spike high on it will catch more selling. How Bonds react today might be the deciding factor?
From what I saw with Christmas buying at the Mall I would say CCI will be up.
Here is econ link
http://www.forexfactory.com/calendar.php?s=b5775bf804696fdb4e7b61090649110b&c=2&week=1324771200&do=displayweek&month=12&year=2011
Good Trade!
I see SPXU is moving right back to it's breakdown/support at 13.
I still think Markets have one good popup in them, just not sure if today.
Uptrend=Buy at Support
Downtrend=Sell at Resistance
Will have to see which one Wins today?
So far catching the Sell, will see if Support will come in today or not.
Prior uptrends the gap downs have been bought by 10am.
Might be that kind of week
I see the DAX is just slightly down.
The way the Election year chart looks we will have a wimper to start January. Whether this week will be as flat we will have to see.
It certainly would not be out of the question to just consolidate here.
Yes, it might come down to whether programmed trades catch something they can move on?
Higher Support today?
I think the 10am sell the news is almost a given.
Whether we get higher support to hold for a continuation back to upside is the question?
SP has some support levels now where prior it was primarily resistance levels to overcome.
Will see if the TNX and the SP will be able to hold some higher support and continue back to upside after any pullback.
Good Trading!
SP Futures 1260-1257
Only a slight pullback in the Futures this am waiting for econ news at 9 and 10 am. FTSE is closed so looking at the DAX today showing a pullback to support for now.
Anticipation would be consolidation into the econ reports.
Possible spike high on the 10am consumer news for another 'sell the news' but will be watching for support to hold on a pullback 1260/1255/1250.
Enjoy the Day!
Thanks, much appreciated
Yes, I am hoping to get used to following the RSI swings.
Just not sure if I will have the patience to wait for the full cycle 30-70 and 70-30, and then holding above or below.
The bb bands I like to look for the spike high/spike low piercings.
The last 4 days I don't see a spike high piercing, maybe next week.
Yes, just pushing the band can be the hardest to follow.
Definitely hard to hold over in this market. So far most of the reversals have had at least one day of relief to offer an exit. So any downturn gets at least one day retest near highs and any upturn gets at least one day retest near the lows. If that continues there should be some time to watch for a reversal and an exit strategy.
Merry Christmas!
Very Cool!
What happens if you throw some Bollinger bands in there?
Will the spike highs and lows be exaggerated piercings?
Have a Wonderful Weekend!
Thanks for charts
TNA premarket ahead of the econ news was 46.75/46.85 so I was anticipating a move a bit higher at eod but it didn't participate with the SPX surge. Not sure what was holding the RUT back?
I see that TZA held over it's 52w low while SPXU set a new low under 13.
Consolidation theory would be a continuation of the prior movement so more upside for TNA and downside for TZA/SPXU would be anticipated. Really surprised that TNA did not have a breakout today.
Have a Wonderful Weekend!
MM taking all offered at 1.88
Have a Wonderful Weekend and a Merry Christmas Everyone!
Have a Wonderful Weekend and a Merry Christmas Everyone!
Have a Wonderful Weekend and a Merry Christmas Everyone!
15 min of Fame
That is what TNA usually has at the end of the day closing uptick.
Have seen in the past it will run 1-2$ right at the close, nothing today.
Putting a Cap on it
HOD at EOD and Resistance, unless Tuesday the Markets can gap over it.
I am leaning towards Gap over it but TNA selling is unusual here.
TNA usually ramps into the close along with SPY/SPX.
We will find out Tuesday eh?
Have a Wonderful Weekend and a Merry Christmas!
I see something strange
SPY and SPX moving higher but TNA moving lower?
Premarket TNA was 46.75 ahead of the econ news and SP Futures were lower than here.
Now they have walked TNA back down to near 46 support while SPX/SPY have moved higher.
What's up with that?
MACD reset for next Rampo?
Would like to see the reset to zero for another ramp from support.
Ya, I traded Index options in 2002
Definitely a lot of profit potential if you are on the right side of the trade near a turning point.
Was gonna post some option trades on Poker's board but don't want to jam his Karma.
Blackthought definitely gets my attention with his Options listings, especially with his Bias on them.
Upside moves like today just scream cheap Puts for January.
Thinking they might popup the Markets again on Tuesday though.
Short switch is On today
That might be the double top for the day, maybe
Momentum is dropping and the Shorts bringing the hammer again
Too bad I can't trade Options
Watching support INDU 12250 SP 1260
CPY 1.89 Ask saying Buy me
Market Maker saying 'You want it higher then buy me out'.
SPXU at support 13, see if it holds
If SPXU moves under 13 it should change to resistance and move to a new 52w low.
Targeted support levels 12.50/12
Can QQQ break over 56?
The morning higher support
I think that triggered a lot of buys, also the econ news was not really that negative.
Will see if the Markets can keep testing higher without a double top.
Could run to hod at eod as long as higher support keeps holding.
INDU needs lid off at 12250
Holding things back here until it can break it
QQQ wants another run at 56
Will just consolidate until another breakout
Bid support 1.83/1.84 double bottom support
Added some shares
SPX pushing 1260
At my target but TNA still about a $1 lower than premarket, short pressure at 46.
Watching QQQ for breakout ramp to follow TNX/FTSE
Not sure, but it would Help
Yesterday the speculation was BK and Fidelity had it posted as such.
Without any News to negate it then the speculation is still BK.
Still no News on false BK
They are shooting themselves in the foot not putting out a statement.
They anticipate gap Tuesday
If support can hold today and no negative news over the weekend then Tuesday should be loaded with buyers.
QQQ testing breakout, short pressure is on
Need to get that little bump over the top to get things moving
Sounds Good
I will wait until next week as need funds to clear anyway.
I would lean towards a HOD at EOD and Resistance.
Break that $2 limit
Just needs to hop the line there