Here's the 4-Point I was discussing in Jim's Thoughts, with my key set. The key set line was the main factor for me. On the S&P cash it hit the line and 'tested' it three times pretty much dead on. No matter how you label this ABCD, it was an ABCD to me at a key line, with 'context'.





Now we sit at a key line, with TICK hitting an extreme, 1-min volume short-term climactic, and so on. It would be something to see if they can't bounce this up here. What a play so far, though, eh?!

Also, as a curiosity, the 1.618 hits near that lower //, just about at Laundry's low move for this leg. Very interesting.


Chart created on QCharts, courtesy eSignal.

I didn't want to clutter this basic chart up too much, but everyone should be watching that TL off the A and C points on there.

And a really cool TL from the A point to the C point of the smaller ABCD in the CD leg. Check the zone those three lines form.

Overnight futures are not looking pretty right now(3amET)...
Sure was a depressing weekend,news wise(I too watched 'house of cards' on CNBC,J.)and the action on globex is reflecting that negative bias.
The ES'4PC pattern is really awesome.But anyone watching the pattern failure that is potentially developing aka 'KT rocking chair' ? anybody? well, I mentioned that some time ago but no one seemed to really care.Anyways, the price action off that pattern will tell the tale. I know I am ready for whatever happens.Got my areas ready and my lucky underwear on =)
Something big is about to play out.Watch that sub-fib too,around 802-800, setting up with the 1.128 dbs.really cool spot to watch among other things.
Happy trading,
T

So, does everyone see the big upsloping ES set line that stopped this thing dead in its tracks today, at a 1.128? The set goes back to Nov, and has a big .786 just a fraction below here. I have been watching this super-key area as this 4-Point has unfolded. Here's my own personal management plan/style in here: staying short side with some (some were triggered off on that last strong bounce), but expecting a potential big bounce in here. Main reasons I'm really alert for a big bounce here? Well, the obvious is the nice setup (take a look at the two awesome spike lines coming right into my set line, too). The other reason is we have more details on the Ba-Rock-Star Obama 'stop the foreclosures' plan tomorrow, and maybe more on the bank problems plan, too.

This, combined with such a monster advance/decline ratio (decline/advance would be more accurate) on increasing volume, and a huge spike in the VIX with huge ticks, and you have the making for one of those goofy bounces. Normally, I'd be looking long side, and I hate to ever put myself in a position to miss one side because I am committed to the other side, especially given how far this has moved already, but since we are also on the precipice of a potential big flush down, I want to see how this plays out first before I think about committing to the other side. If the price action says so, I will not fight that, but it is easy to set up areas on this one for bounce completions, and see what happens there. If it goes nuts, then I can take that into consideration. This is such a cool setup, though, and a cool layout, I wanted to throw some ideas out there. I can't recall the last time I saw such a cool layout as this (okay, maybe when the 4-Point CP set up, and when the... :-)

So, ya figure we'll be up 20 ES points by the open? More?

i have stated here before that i have left all forums that have obama's name hyphenated.. so it shall be with this also.. i hope some have benefited from my time here. good trading to all.

Wow, must have missed that. Everyone told me that was so cool I should get a trademark or website based on it, given it is a slam to him, not something to make him sound good. That, and I am 'the man' who comes up with the cool names to put down all our big leaders (Chainsaw Al, Bail 'em out Benny, Shifty Paulson, and so on). Oh, well, we all did benefit from all you have given in here, I for one am thankful for that, I'm sad and sorry to see you go, and good luck in the future in all you do, roofer.

I'll take a hyphenated Obama over a knucklehead of a Bush all day long.

What is this 'thing' with Obama? Roofer?

Tomo,

I don't think roofer will want to elaborate. He made his original comment, he needs to stick with his principles, I didn't catch it, and I have been using that expression a lot lately (more and more as people tell me they think it is quite creative), so I never gave it a second thought. I think we will have to respect what he said and not expect him to have to explain why he has made the decisions he has made. But that's just my read on it, so we'll see. But we don't want him to go away mad, we want him to feel good about what he has done for all of us in here as he departs, so I won't be pushing him on it at all.

I agree, T, with pretty much everything you've said. I commented a little in my weekend commentary on the unlikelihood this is a 'bull market', given all the things it is doing that have never been seen at the start of a bull market before. The intermarket dynamics are indeed pointing to the possibility of something big happening soon.

I also agree 100% with the potential doomsday scenario. There was a time when I thought all that stuff was 'crackpot' nonsense. Then I started to think maybe some of it might be true. Now I tend to think I just see no way that we won't crash back into the stone age. I try and try, but I just can't see how it can be avoided. I even think it may be engineered, not simply something that happened because of greed gone wild. I never, ever believed I would ever think something like that, but I also never thought I would ever see even 10% of what I have seen so far. Sure doesn't make me happy or hopeful for all of our futures, as you say, as 'citizens of mankind' :-(

Great market concepts, T.