Saturday, January 17, 2009

End-of-Day 01/16/09

The 853 level is proving to offer some resistance. A short-term bullish case can be made if the market convincingly closes above this level.

The market found support near the -1 Standard Deviation of the bearish 10-Day Average Distance from the 0930 ET open. The market spent most of the day in the +1 to -1 Standard Deviation of this bearish 10-Day Average. It turned out in the morning that the highest probability trades were short trades whenever the $TICK average pivot was above the longer term averages, and in the afternoon, the best trades were long positions when the $TICK average pivot was below these averages.


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