ES clearly likes to close at a key area as Jim pointed out many times recently:




Friday's breakout after a trendline creep was rather unconvincing and the green set could be still in force. However the journey to its downsloping ML would be rather uncommon taking into account the time of the year...

Watch crude in here on a tick chart, and ZN, for clues.

Amazing how this area stopped the ES dead, after a manic explosion on volume to get it up there.

Originally posted by jimkane

45.75 is back at my lines and the 1.128...

There may be an impression of a longer term wedge forming, so the obvious direction from here should be up:

Originally posted by jimkane

Watch crude in here ...

The upsloping Schiff ML provided support 3 times already, but crude still can't move up decisively off that bullish 3D at it (although the green set rule was satisfied instantly):

jarek, nice charts.

Al Kamego

Still long side bias off that AMZN ABCD I discussed awhile back. It hit another new all-time high today. As an aside, remember when I discussed (in advance and as it was happening) AMZN and pointed out the major setup when it hit 100? How's that one looking in the retirement portfolio now?

It's part of the game in which Nasdaq needs to move above its 2007 top before any meaningful correction could take place in my opinion

Staying intraday short side bias on the ES off that area (this is countertrend, and not only that, countertrend to a new high for the entire 'bulls#%&" market), but just waiting any second for the MRRD's to show up and gun it. Maybe that 42.25 there was it. But in case it's not, I'll see what it does. I want to be ready for the next up leg, if one happens, too. This is tricky at best.

Well, notice the NASDAQ100 is just over 60 points from that...

Originally posted by jarek

It's part of the game in which Nasdaq needs to move above its 2007 top before any meaningful correction could take place in my opinion

Okay, another spot on read. Made it up to 53.25 so far, right back to the price flow. Not a claim, but an observation supported by posts in here: made the read going down, made the read for the terminus, made the read for the long side. Not bad, epsecially for a crap action day and the S&P at a 17-year narrow range.