Kicking' it off. Going to be another exciting week of the same old, same old, I think. Let's see if that late weakness turns into a big drop, or if it does what I think is the highest probability which is setting the new all-time high. Remember, though, this is a monster area with a key backtest on the daily/weekly SPX.

NXPI is getting hammered today on the biggest daily volume in the stock's history.

Okay, patience is now paying off.

So, the ES is ready to take out the HOD and set a new high for the entire move, and IWM is just barely off the LOD. Hmmmm.

Interesting there is a very deep bearish ABCD here. I can't see it playing out very much, but you never know.

Okay, the time of day is right, it's poised to go, let's do it. Give it to me, baby.

New high for the entire move, 86.50. It may be non-trending from say a 10-min chart perspective, but it is trending on other timeframes, and it sure is trading technically. This afternoon is a lot like a smaller version of yesterday. I couldn't complain about the action if I tried.

Originally posted by jimkane

Okay, this time instead of more specifically listing my areas, I will just say there are layers from 85-93...

Nice shakeout, but almost all of it is made back up, and the ES looks ready to keep rising, setting more new highs for the entire move. Good stuff.

Anyway, it's ES break time for an hour, so we'll see after it reopens...

As posted around the open, I also see 92-93 as the top level, but fot me it's to hard to trade being so close to it, still without hitting the zone and some reversal signs. That's just too noisy a game for me, at least in the ES.

Originally posted by jimkane

Okay, this time instead of more specifically listing my areas, I will just say there are layers from 85-93. Note that the high for the entire move so far is 85.25. And there is the obvious overhead TL at about 84.25 (and a shorter-term one below that), so there is a lot here. This may have just been a get it off the floor and out of the danger zone move, or even a trap. But, if they gun it, you can see what's overhead that it may try to chew its way through. It depends on how long it takes, but there is an absolutely wonderful line around 94. It's all there, but I suspect we may just see chop in this range for the rest of the day, or even more downside pressure. I'm long side bias off that area it came off of, so my mindset right now, and this can change in less than a blink, is management mode.

93.75 Sometimes you just 'see it' before it happens...

PCLN not only hit another new all-time high today, it is pushing up on 1,500 a share. You read that right. Until this nonsense stops, the 'bull' isn't done, in my opinion.