ES Weekend update 1/18/2014

One way or another this is going to be an important week!

Since this is the 2nd year of the presidential cycle, a look at those historical stats may be in order. From Mike Burk (specifically for this week ): (% POS) MON 54% TUES 53% WED 53% THURS 53% FRIDAY 54%. Of course monday is a holiday, but by all accounts it is generally a very flat week. More mish-mash?

REFER TO ABOVE CHART.. WE HIT 1844 AND TURNED O/N A DIME..I took advantage of that .looking for one more test of the downside before going higher.. this is day 15 of the mish-mash and with seasonals turning up tomorrow and friday i believe its just about over.. time will tell!

ooops i mislabled my chart! thats a high shortly after 10:00am est ,not a low! sorry

Fun fact of the day..."According to David Bianco, S&P 500 corrections of 10% or more, including those that turn into bear markets, have happened every 1.5 years or 357 trading days on average since 1957." its now been 589 days since the last 10% + correction!

.. From the recent high, equalities a bitch would be about 1829.80, and the 261.8 would be around 1823.25. And as for the futures...

short term last night...I only did one trade sold 1826.25 and covered at 1822.00.. Nice scalp to make up for a loss yesterday! (i was due)

If 1803 doesnt hold next attempt will be 1799( refer to past daily charts)

thanks for all this work and postings Kool...even us short termers appreciate the effort you are putting in on these.....that was a great divergence on top and I hope some long termers took advantage of your warning.....Great stuff !!