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...

Correction: This is a totally erroneous post. Instead of deleting it, I will man up. I read the time wrong on the post, the low was at 13:54, I posted at 14:54. This makes more sense, since I usually don't get a read at an area, because no price action for a move has shown itself yet. Now, given that this was an hour later, it shows how little this thing moves in a grind, as it was only up 1.25-1.50 points off the reversal point at that moment. So, still a great read in my opinion, but in the attempt to pay attention to my own work and trying to post timely, useful information, I erred on this one.

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This was posted at 14:54. The low was put in over several 1-min bars, one of which was the 14:54 bar. ES then hit the HOD again. No, that wasn't much of a move on such a poor, grinding day, but the read was dead on. Crude also broke above its action to hit a new high for the immediate move since the ES turned. Sure, sometimes my read isn't what happens, but my track record isn't so bad, now is it...

Originally posted by jimkane

Time to be back on the long side?

And there was the nominal new 1-tick HOD in the ES right before the after-cash close. CL still rising. Now O-bummer is yapping, so that should build up some demand for when GLOBEX opens at the bottom of the hour.

And that's another new 'bulls#%&' market high there.

a few years ago, i proposed to another trader that i could make money trading one letter....the letter was c.... underneath the indexes, it is interesting how the geometry was playing out...again, what i do is use the tools for my own purpose and is not the way jim teaches... i only feel good about myself when i make money on the short side...taking long side money makes me feel like i amthe crap is ok.

Originally posted by jarek

Looks like Gold may choose to respect the KZ of the whole drop...

And that was exactly what it did:

Time of trial for the uptrend in bonds:

Bears need to defend the recent high if they want to find anything under the Christmas tree:

The green ML is now a support line for Crude:

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.