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Round Table


Hear ye, hear ye! Gather ye around the round table.

My weekly indicates this is over. The daily, not by a long shot. Sellers seem to have effectively controlled 1369. By my count we have to peak 1376 to keep seeing the sun as it were.

What are you guys coming up with?
one of the toughest things for me is when they end the first 60 minutes right in the middle of the range.....so which way will the 60 minute break come from? It sure seems like they want to bring this up....1338.50 - 1338.75 is not only the open print but where the high of the high volume DOWN bar is....

As most know it's important to have a plan but also be flexible enough to see the clues when the market doesn't do what you expect...

so know in theory a break of the 60 minute high or low should lead to the 8- 10 point range from the open targets...

That saying " don't diddle in the middle" is said for a reason.

Standing aside for better clues...

For reference: The NQ makes a breakout of it's 60 minute high while the ES goes up into the 1342 zone ( no 60 minute break out)and the YM makes a double top into the 12050- 70 zone again...Tick divergence and the market rolls over down...I sit watching, playing with my two year old as he wonders just what the hell it is I watch every morning....somedays I wonder too....is the 1330 still coming? we are now starting to spend time once again below the highest Volume bars in all markets...not a good sign for the longs...seems like there going to bring it out of the 60 minute low today......
Think Paulson will move the markets @ 12:45est
Divergent breadth makes slow going
quote:
Originally posted by redsixspeed

Divergent breadth makes slow going




The 60 minute squeeze says don't be fooled into thinking it's a rally, for the pivot is the price to beat and the cup and handle sell shall to go deep.
NQ is set to open at support zone while ES and YM are opening below support....Should make for two sided trade again with slight bias to the downside in early trade....Normally after an outside bar on the daily I'd be looking to buy near its midpoint but that was a terrible close at yesterday...If the NQ starts getting below 1968 then this looks like longs are in trouble again..if ES can start to get over 1337.50 and YM can get above 12005 then longs have a better chance....

As usual the numbers based off the open price and the TICK extreme with volume spikes will help with any fades

I still prefer long side entries and hope we get the push down first
One thing to be careful of if you buy into a low tick and a volume spike you want to start seeing some healthy plus side Tick readings...not just a quick pop up....

With an open of 32 we can easily project up and down 8- 10 points for an early target and fade points....so 40 - 42 and 24 - 22 on downside..all markets below support ( high volume from yesterday) so long fades will be harder..1337 on upside is becoming more critical..how often have you seen two outside bars in a row in the daily S&P now that we have broken yestrdays low? Very few...
in long at 1328.75...
31.75 is best fill so far..that is low of opening range....trying for 35 next if lucky....today was reverse of yesterday..today they ran it down to minus 4 number with low tick ( minus 775) and a volume surge
correction on fill is 31.50 my error...no good high ticks to make me think that any good buying is coming in
Interesting thing about the minus 8 if it comes is that it will break Fridays low....so I'd like to see a high Tick and volume flush to fade....Ticks made a new low into the minus 1100 area but the ES and YM didn't...NQ now trying to lead down...the tricky part about watching the main markets is how leadership can reverse and quite quickly...I prefer to see what is happening with the volume surges and tick readings sometimes you will see a divergence in the markets and a volume surge in the market thats trying to lead.....NQ just did that on the 10:52 time bar... EST......so is this a brief selling climax for a day trader?