ES Futures End of Day Review 04/30/10

We did get a down day, but with a wider range than anticipated. The afternoon session found resistance at the morning's low, and ended near the day's low.

Charles

ES Futures Morning Review 04/30/10

The range so far is just below average, and we have a down market. The market didn't quite close yesterday's open gap, but came close. For the moment, the market is happy bouncing between the overnight low, and yesterday's day session low.

Charles

ES Futures Premarket Review 04/30/10

The pattern lately has been two up days followed by a small down day. Maybe we will get another narrow range down day.

Charles

ES Futures End of Day Review 04/29/10

The afternoon correction occured after 1430 ET this time. The market then found support at its VWAP Line. The last few days of April is turning out to be bullish after all.

Charles

ES Futures Morning Review 04/29/10

The market did try to correct to the downside, but was unable to trade past the 0930 ET open price. At that point, the buyers stepped in to lift the market to new highs. So we are left with an open gap.

Charles

ES Futures Premarket Review 04/29/10

The market is currently about 7 handles above yesterday's close, which means that there may be pressure to close the gap. The market is also testing the 10-period EMA on the daily chart. The overnight range is from 1198.50 to 1188.

Charles

ES Futures End of Day Review 04/28/10

The NYSE Advance - Decline Line going above 1000 at the start of the day was a surprise. But the market did close the opening gap, and stayed in a narrow range for the day. The futures did close on the bullish side, but the market is still below its 10-period EMA on the daily chart and remaining in the bottom half of its Keltner Channel. The overnight market well depend on how the Europeans feel about the Greece situation.

Charles

ES Futures Morning Review 04/28/10

Large range day yesterday, and a narrow range this morning, which is the typical rule. The market is finding resistance at the overnight high, and support between yesterday's close and low. Trader's are trying to decide if the Greece and Portugal finance type of problems will show up in other countries.

Charles

ES Futures Premarket Review 04/28/10

We getting a technical bounce in the overnight market. After the open, the market probably will retest the recent lows. FOMC announcement at 1415 ET.

Charles

ES Futures End of Day Review 04/27/10

At 1400 ET, the market tested an area just below its VWAP line and reversed to continue its downward trend going into the energy and bond market closes. The tumble in the last half hour is probably due to funds having to fill sell orders.

Charles

ES Futures Morning Review 04/27/10

The market was able to close the opening gap. Now there is possibly increased concern about Greece's debt. It's as good a reason as any for the market to consider a correction.

Charles

ES Futures Premarket Review 04/27/10

The market is again sitting on the 10-period EMA on the daily chart. It may provide support one more time. The last four days of April are typically bullish. The FOMC starts a two day meeting this morning. Their announcement is tomorrow afternoon.

Charles

ES Futures End of Day Review 04/26/10

The market remained below the overnight high in the morning session, and below its VWAP line in the afternoon session. The close below the previous pivot high of 1210.50 is bearish. Let's see what the overnight market does, and follow the continuing Greek saga.

Charles

ES Futures Morning Review 04/26/10

Profit takers have been selling the market just below the overnight high of 1216.75. So far the market is staying in a narrow range following two days of range expansion.

Charles

ES Futures Premarket Review 04/26/10

The overnight market is trying to stay above the 1210.50 price level. However, we have had two up days while bouncing off of the bottom half of the Keltner Channel. There should be less swing bulls in the market today.

Charles

ES Futures End of Day Review 04/23/10

After the market bounced off of the 04/15/10 pivot high, it tested the first hour low. However, the NYSE Advance - Decline Line was indicating a bullish divergence, and not confirming a continuation of the selling pressure. The market then gradually advanced to the upside the rest of the day with a bullish finish.

Charles

ES Futures Morning Review 04/23/10

At first, it looked like the bulls were in control of today's market. They were until the market tested the 04/15/10 high of 1210.50. The bears have been in control ever since with a stepwise down trend.

Charles

ES Futures Premarket Review 04/23/10

The market is currently fading the overnight and yesterday's high price of 1207. But the market is still above yesterday's close of 1202.25. The overnight low of 1197.50 is also the 10-period EMA on the daily chart which has been acting as support. Today's market should be less politically oriented. We do have New Home Sales at 1000 ET, which may move the market.

Charles

ES Futures End of Day Review 04/22/10

It doesn't happen often where the NYSE Advance - Decline Line starts below -1800 and ends the day at +900. Anyway, the market closed back into its daily upper channel.

Charles

The market is staying below yesterday's low at 1195. In the tumble of the first 30 minutes, notice that the $TICK never did reach -800. I guess Wall Street is now waiting for the Obama tongue lashing.

Charles

ES Futures Premarket Review 04/22/10

Historically, the next 3 days are typically weak. However, the 7 following days are historically strong. Currently, the market is below yesterday's low, and thus following the historical script.

Charles

ES Futures End of Day Review 04/21/10

We did end up with a range just above average, and the 10-Period EMA on the Daily Chart provided support. We also got another 1400 ET reversal as the energy market entered its last half hour of trading. In the end, the market was able to rebound back to its VWAP Line.

Charles

ES Futures Morning Review 04/21/10

Both the $TICK and the NYSE AD Line were indicating a weaker market on test of yesterday's high. As it has been mentioned before, once the market makes its move, the first correction is usually a high probability entry point. Today shorting that first correction was profitable.

Charles

ES Futures Premarket Review 04/21/10

The overnight market faded from the pivot high made on 04/15/10. The overnight range is 1209.50 to 1201.75. Currently, the market is below yesterday's close of 1205.25. Otherwise, today is a quiet economic day. Let's see if the market meanders within a narrow range.

Charles

ES Futures End of Day Review 04/20/10

I took the afternoon off from trading. Just as well as the market didn't do very much in the afternoon session. Tested its VWAP line and finished to the upside. Today's range was below average. In the next day or two, we should see an above average range.

Charles

ES Futures Morning Review 04/20/10

The market did try to close the opening gap. As it tested the 1197 price level, buyers started to drive the market up. We have seen this before in the bullish phase where buyers start jumping in about 1 handled above a support level. Otherwise the market is staying in a narrow range as it approaches resistance levels.

Charles

ES Futures Premarket Review 04/20/10

The overnight market continued the bullish advance of yesterday afternoon. Currently, the market is about 4 handles or points above yesterday's close at 1196. If we open this high, look for attempts to close the gap. The overnight range is from 1203 (overnight resistance) to 1194 (overnight support).

Charles

ES Futures End of Day Review 04/19/10

The SEC voted 3 to 2 to proceed with the charges against Goldman Sachs. Since the vote was not unanimous, the market may believe that the SEC case against Goldman is weak. Hence, the late afternoon rally.

Charles

ES Futures Morning Review 04/19/10

When the market rather easily closed the opening gap, I thought perhaps the market would fail to test the recent lows. However, after 1030 ET, the market once again started to show weakness. On a trend change, the first correction is the high probablility entry. At 1045 ET, the $TICK corrected to +600 for a good short entry in anticipation that the market would give at least a 3-wave correction to the downside.

Charles

ES Futures Premarket Review 04/19/10

The market is the bottom half of its daily channel for the first time since the first week of February. Overnight, the market made a bottom at 1181.50, and is currently above Friday's low of 1182.75. After the open, the market will probably test these lows.

Charles

ES Futures End of Day Review 04/16/10

We did get a rebound back to the VWAP Line, but that was it.

Charles

SEC Charges Goldman Sachs With Fraud

The 1200 area looked like it would hold as support until the SEC announced that it is charging Goldman Sachs and one of its vice presidents with fraud concerning products tied to subprime mortgages.

Charles

ES Futures End of Day Review 04/15/10

The market closed bullish, but not as bullish as yesterday. The upward momentum was weaker than yesterday. Fading the test of the morning high proved to be a successful trade.

Charles

ES Futures Morning Review 04/15/10

The $TICK was indicating a possible slowing in the upward momentum most of the morning, but the market didn't correct to the downside until after 1100 ET. Today is the third up day. We can have 4, 5 or even 6 up days in a row, but they are rare. However, transports and banks along with technology is pushing the market upward.

FireBall In The Sky

Charles

ES Futures Premarket Review 04/15/10

Technology profits are increasing, consumer spending is increasing, but unemployment claims are also increasing. Overall, the market is still bullish. Overnight the market has remained above the 1200 level.

Charles

ES Futures End of Day Review 04/14/10

A strong finish to a strong day. In the step-wise up trend, each coorection gave us a bullish divergence indicating a possible continuation of the trend. Today, the trend did continue up.

Charles

ES Futures Morning Review 04/14/10

The market is too bullish this morning to close the gap. Early on the market did find resistance on a test of the overnight high, and traded down to test yesterday's high. At that point, buyers jumped into the market to trade it to new highs.

Charles

ES Futures Premarket Review 04/14/10

The market is remaining in the top half of its daily channel. With the market testing the 1200 area and the top of the daily channel, watch for the market to try to close the opening gap. Bernanke talks at 1000 ET, and Beige Book at 1400 ET.

Charles

ES Futures End of Day Review 04/13/10

Alcoa disappointed the market in the morning, but the market is anticipating better earnings from other companies such as Intel. In fact, Intel reported earnings of $0.43 versus the expected $0.38. This was released at 1615 ET. I suspect the overnight market may jump to the upside when it starts trading again.

Charles

ES Futures Morning Review 04/13/10

Yesterday's Point of Control, based on 24 hour data, held as resistance. The overnight low of 1088 failed as support as the market continues its downward correction. We're getting a little techincal bounce to the upside as Europeans leave the market.

Charles