Hindsight is always 20/20. Looking back, we can see that as the ES market made a lower pivot low, the $TICK was making higher pivot lows, indicating buyers entering the market at the new ES l0ws. By the end of the day, both the ES and $TICK were making higher pivot highs. Short-term change in market direction? I would be a little cautious about fading up moves today! This is the type of thing that creates the sharp, quick and violent moves when traders begin to believe that a strategy that has worked for several days will continue to work. When the market moves against them, they have to liquidate positions in a hurry.
The ES market is currently between two equilibrium zones. Resistance is near 1345, and support is near 1336.
The one fly in the ointment is raising crude prices, and the weakening dollar against the Euro.
Today's Earnings Calendar.
Consumer Price Index and Housing Starts at 0830 ET.
Industrial Production at 0915 ET.
Peto Status at 1030 ET.
Beige Book at 1400 ET.
Charles
No comments:
Post a Comment