Friday, July 30, 2010

ES Futures Morning Review 07/30/10

It was the buyers that closed the opening gap this time, and again they waited until 10 minutes after the opening bell to start raising the market. I will not be trading the next two weeks. I may post some after market charts to keep in touch with what the market is doing.

Thursday, July 29, 2010

ES Futures Morning Review 07/29/10

The market is still in a profit taking mode as it test its 10-day moving average. Sellers waited for the market to test yesterday's high after the first 10 minutes, and then pounced.

Wednesday, July 28, 2010

ES Futures Morning Review 07/28/10

The market is happy staying in this narrow range creating a high volume area between 1105 and 1109.

Tuesday, July 27, 2010

ES Futures Morning Review 07/27/10

We're getting some profit taking as the cash market is testing its 200-day moving average. One by one, support levels have been failing this morning.

Monday, July 26, 2010

ES Futures Afternoon Review 07/26/10

As the futures tested the overnight high and as the bond market was closing, we got a bullish divergence, which sent the market to new highs for the day. However, the 200-day moving average on the cash market chart is providing some resistance.

ES Futures Morning Review 07/26/10

The breakout at 1000 ET turned out to be the best trading opportunity of the morning. On the correction, I was hoping for a test of Friday's high, but the market couldn't quite make it down that far. I also thought that the market might be a little weak going into the European close, but it turned slightly bullish instead trading a little beyond the R1 level.

Friday, July 23, 2010

ES Futures End of Day Review 07/23/10

The cash market did stay above its 50-day average for now. After the first hour, the 0930 ET open was support while the overnight high was resistance. That resistance became support after 1300 ET.

ES Futures Cash Market Daily Chart 7/22/10

Can the cash market stay above its 50-day moving average?

Thursday, July 22, 2010

ES Futures Morning Review 07/22/10

A down day yesterday with a large gap in the opposite direction today. That type of gap typically has a low probability of closing. We also had a $TICK above 1000 before 1100 ET, which usually indicates a good possibility of a strong finish to the day.

Wednesday, July 21, 2010

ES Futures Morning Review 07/21/10

Above average range yesterday, and below average range this morning.

Long traders took profits early to close the opening gap. The market once below yesterday's high just has not been able to trade above that level as the market awaits Bernanke's presentation at 1400 ET.

Tuesday, July 20, 2010

ES Futures Morning Review 07/20/10

I find that lately, if the market stays above the low of the first 10 minutes, it has a good chance of closing at least half of the opening gap. Today, it closed the entire gap.

Monday, July 19, 2010

ES Futures Morning Review 07/19/10

The market so far is staying in a below average range. Once again, the sellers waited for the market to test the overnight high before jumping into the market. Friday's low did fail as support, but the buyers came back in about 30 minutes before the European close to rebound the market.

Saturday, July 17, 2010

ES Futures Weekend Technical Charts 7/17/10

Pivot is the resistance level to watch on Monday.

Monday's range will probably be at or below average.

Large traders are still keying on the 50-day moving average.


Friday, July 16, 2010

ES Futures Morning Review 07/16/10

The third week of July is statistically extremely bearish. Short term traders are probably raising cash in case next week meets statistical expectations for market performance. Longer term traders usually start adding stocks to their portfolio in the last week of July. Currently, yesterday's low is resistance, while the market is trying to stabilize at the 10-day average.

Wednesday, July 14, 2010

ES Futures End of Day Chart 07/14/10


ES Futures Morning Review 07/14/10

The cash market is testing its 50-day moving average. The morning opened with bearish sentiment, but bounced 1 tick above yesterday's low. The next test for the bulls is yesterday's high and then the overnight high at 1099.

Tuesday, July 13, 2010

ES Futures Morning Review 07/13/10

It is interesting to watch how the market reacts to the Overnight High and 0930 ET Open lines. The $TICK hit 1000 just after 1000 ET. As a general rule, if the $TICK hits 1000 before 1100 ET, the market generally ends the day very strong.

Monday, July 12, 2010

ES Futures Morning Review 07/12/10

Some bullish momentum did carryover from Friday, but the $TICK was not confirming the momentum. After going about 2 handles above Friday's high, we got a bear hammer formation on the 5-minute chart. The market tested the 1077 area twice, and then tumbled after the open of the energy market.

Friday, July 9, 2010

ES Futures Morning Review 07/09/10

Indications are that the bull momentum is weakening. However, the market was still able to go about 3 handles above the overnight high. The 0930 ET open is holding as support.

Thursday, July 8, 2010

ES Futures Morning Review 07/08/10

Yesterday was a wide range and strong up trend day. This morning is a more narrow range with profit taking. Check the statistics yourself, but typically an up gap following a strong up trend day leads to a high probability that the gap will close. The market did proceed to close the gap this morning after testing the overnight high resistance level.

Wednesday, July 7, 2010

ES Futures Morning Review 07/07/10

The market is once again testing the 10-period average on the futures daily chart. Like yesterday afternoon, the market gave us a strong trend with several 10 minute corrections. Divergences following a 10 minute or longer correction is the strongest signal the market gives us to indicate a continuation of the original trend direction.

Tuesday, July 6, 2010

ES Futures End of Day Review 07/06/10

The morning support became resistance in afternoon trading as the market closed the open gap. It was a struggle, but the market did finish above its low of the day.

ES Futures Morning Review 07/06/10

Lately, data feeds have been slow coming on line following a holiday. This morning we had no $TICK data from TradeStation. However, the market has stayed above Friday's high, but has resistance just below the 10-period moving average on the daily chart (not shown).

ES Futures Premarket Review 07/06/10

We may see a technical bounce back to the 10-period moving average on the Future's daily chart.

Friday, July 2, 2010

ES Futures End of Weekend Review 07/02/10

The market couldn't make it all the way to yesterday's low. But it also couldn't go beyond the 0930 ET open price resistance.

ES Futures Morning Review 07/02/10

The market is still exhibiting bearish sentiment. After closing the open gap, the market failed to form a 3-wave bullish pattern. The 0930 ET open price resistance held, and the overnight low support failed. The market is on its way to test yesterday's low.

ES Futures Thursday's Turning Points

Thurday's key intraday turning points.

Thursday, July 1, 2010

ES Futures Morning Review 07/01/10

You know that you have a strong trend when the market only gives you 5 to 10 minute corrections followed by a continuation of the trend. That is what we got this morning with the market continuing the downward trend of yesterday afternoon. Currently, it is testing the overnight low near 1016.