The market has had a few up days. This morning as the market reached R2, we got a $TICK bearish divergence at R2, and traders with long positions took some profits off the table.
Charles
Wednesday, February 29, 2012
ES Futures Morning Session 02/29/12
The market has had a few up days. This morning as the market reached R2, we got a $TICK bearish divergence at R2, and traders with long positions took some profits off the table.
Charles
Tuesday, February 28, 2012
ES Futures Morning Session 02/28/12
We had an above average range yesterday, which is typically followed by a lower range the next day. And, that is what we got this morning - a below average range. The market is testing yesterday's high and the high of May 2011. So far, it is still reluctant to trade much beyond that high.
Charles
Monday, February 27, 2012
ES Futures Morning Session 02/27/12
We are definitely in a bull market. Buyers jumped into the market as the futures tested the 10-day moving average even though we had a very low advance - decline line indication.
Charles
Any Corrections In Sight? 02/27/12
The Market's Pullback Watch by Michael Santoli
"... Wayne Whaley, a market analyst who exhaustively mines historical trading patterns, found only seven years before this one in which January showed at least a 4% rise without having a single 1% daily loss. The market was up further in all of them, three, six and 12 months out, for above-average amounts... "
Charles
Friday, February 24, 2012
ES Futures Weekend Charts 02/24/12
R1 was a good place to fade the market today. So far, the market has not been able to trade past the May of 2011 high.
Charles
ES Futures Bull Flag Breakout 02/24/12
Yesterday the bulls decided that they could not wait any longer. Yesterday's bottom was at the 50% correction level of the last up wave, and at the bottom of a regression channel, which was forming a bull flag formation. We currently have a breakout to the upside of the channel and bull flag.
Charles
Wednesday, February 22, 2012
ES Futures Struggling To Stay Above 1353 02/22/12
The next few days will determine if the market can stay above the 1353 level and its 10-day moving average. Over the last three trading days, the market has stayed in a down channel a little longer than usual. We are also due for a range expansion.
Charles
ES Futures Morning Session 02/22/12
Not much action this morning as bulls and bears are fading yesterday's last hour high and low. So far, no breaks past the Pivot or S1.
Charles
ES Futures Spring Time Bullish Trend
One of the more reliable seasonal trends for the S&P 500 is the bullish trend from the middle of March to the beginning of May. The market is typically bullish during this time period even in bearish years.
Charles
Tuesday, February 21, 2012
ES Futures Afternoon Tumble Observations 02/21/12
Just some chart observations of the afternoon tumble. Entry points typically are when corrective reactions look like they are complete as indicated by the red arrows.
Charles
ES Futures Morning Session 02/21/12
The 1358 level did hold as support, but now we have some resistance at R2.
Charles
An Hour Before The Opening Bell 02/21/12
The ES Futures have traded down from the Sunday night high, but is still above the 1358 area, which may act as support. If 1358 fails as support, the market may test the 1353 area.
Charles
Eurozone ministers agree Greek bailout deal
Bloomberg: Most European Stocks Drop After Accord on Greek Bailout - "...Concerns still linger over whether the incoming government in Athenswould have any incentive or wish to enforce the austerity measures after they have received the bailout package.."
CNBC: Finally, a Greek Deal: What Next For Markets? - "...Greece may not be able to hit its bailout targets and drive markets down again..."
BBC: Eurozone Ministers Back 130bn-euro Bailout for Greece - "...Greece would need more help if it was to meet its debt reduction target..."
Charles
Monday, February 20, 2012
Decision day for second Greek bailout
CNBC: Decision Day for Greek Bailout; Financing Gaps Remain - "...economists say they do not expect the package to resolve Greece's economic problems."
MarketWatch: Greek Bailout Still Buying Time - "...economists warned that a deal would likely remain far from the final word on Greece or the broader European debt crisis."
Bloomberg: Greece Moves Toward Second Bailout as Default Spooks Europe - "...an anti-bailout mindset loom as risks to the latest salvage operation."
BBC: Eurozone Greek Bailout Talks Begin in Brussels - "...I am of the opinion that today we have to deliver, because we don't have any more time..."
Charles
Sunday, February 19, 2012
Dow Transports Not Confirming Dow Industrials 02/19/12
Dow Theory is pointing to a possible end to the current market rally as the Dow Transport Index is refusing to confirm the new high in the Dow Industrial Index. Watch for the Dow Industrial Index to start making lower lows and highs to confirm a correction signal.
Charles
Friday, February 17, 2012
ES Futures Charts For Tuesday 02/21/12
The US stock market will be closed Monday, 02/20/12, for President's Day.
Charles
ES Futures Morning Session 02/17/12
We did get some profit taking this morning as the market faded the R1 area and closed the opening gap. The market is below yesterday's Globex high but still above 1353. So far, we have a below average range day as anticipated.
Charles
Thursday, February 16, 2012
ES Futures Charts For Friday 02/17/12
We are due for a below average range day. Of course, it depends on what type of news we get in the morning.
Charles
ES Futures Morning Session 02/16/12
Looking at the Globex ES Futures charts today.
The market is continuing to stay within the 1353 to 1330 area. As we know, the market did try to break above 1353 yesterday, only to crash back into this range. On the 5-minute Globex chart, the market did break below yesterday's low, but the economic reports this morning lifted the market above this level, and it has stayed above yesterday's low throughout this morning's session. Watch for a high volume break and close outside of this range. It will not stay here forever.
Charles
Wednesday, February 15, 2012
ES Futures Charts For Thursday 02/16/12
The S&P 500 Index is finding resistance at the 76% correction of the last down wave as indicated on the monthly chart above. On the daily chart, the market is testing the 10-day moving average once again.
Charles
ES Futures Morning Session 02/15/12
We did get some profit taking this morning, but not enough to trade the market below yesterday's high. R1 and the 0930 ET open are currently resistance.
Charles
Tuesday, February 14, 2012
ES Futures Morning Session 02/14/12
The market was disappointed in the US Retail Sales. However, we have some support at Friday's high.
Charles
ES Futures Testing Recent Highs With A Rise In German Investor Confidence
ES Futures are testing recent highs, which are near today's R1, due to an unexpected rise in German Investor Confidence.
Charles
Monday, February 13, 2012
ES Futures Morning Session 02/13/12
Got a couple three-wave moves on some profit taking this morning. R1 is currently support.
Charles
Sunday, February 12, 2012
Charts For Monday 02/13/12
Greek Parliament has started debating austerity laws, and the debate will last at least 10 hours.
George Soros not optimistic about Europe.
Charles
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