Thursday, June 24, 2010

Update

I expected the ES to rally up close to the 1092 level after establishing the low at 1069.50. Instead the rally stopped at 1081.75, making the rally even shorter than yesterday's (at least so far). That was a sign of weakness. So now I think that the ES is likely to drop to 1060 and establish a higher low there.

5 comments:

Kishore said...

There is a big danger to the market here as the next support level is much lower.

Bald Eagle Ben will probably issue a buy signal the HFT robots at 3:30 pm EST. 5 minutes to go!

Adsense said...

id say the dow is now heading towards the may lows at point 28
i also expected a larger bounce to unfold today near 10302-10328 into the close which failed to materise
tomorrow wil be interesting .
my longer term bias though has changed and im looking for 8000 on the dow my november , if the market can manage to break above 10450 next week i may change my thoughts that we peak in august for now though im thinking the august peak will be a lower high
so 9757 ( the may lows ) should be tested if not broken into the next cycle low which is due july 2nd to the 12th . thats as close as i can call it . to add to this next week
the market would have to be down
today we now have a weekly reversal bar .

Market Karma said...

Carl,
Since you are mostly day trading the S&P emini's, why do you mainly trade from the long side? Why not trade both directions? On an hourly scale, the market has been making lower lows and lower highs for a very tradable trend with plenty of good entry and exit points. And when/if the market turns up, trade it from the long side. I am a firm believer in trading primarily in the larger degree impulse direction but for daytraders, this can & will change frequently.
MK

Win said...

Adsense/Joe,
Thanks for posting here. Is there a possibility of july 2 - 12 being a cycle high? Tomorrow (June 25) should be a low, according to my work.

Naveedah said...

Below 1077/1072, bears take the agenda looking to retest the 1045- 1041 lows.
Treasuries were hit after the 5yr auction at 1pm was viewed as weak (esp. in the context of the very strong 2yr sale yesterday) but rallied right back after the Fed decision (2yr yields set new lows for the year at one point and are closing in on their all time lows set back in Dec ’08).
Happy to have these blogs to develop the depth in trading skills.