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.


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.


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.


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... "


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.


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.


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.


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.


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.


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.


ES Futures Morning Session 02/21/12

The 1358 level did hold as support, but now we have some resistance at R2.


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.


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..."


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 - " 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..."


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.


Friday, February 17, 2012

What To Watch For In Next Week's Market

ES Futures Charts For Tuesday 02/21/12

The US stock market will be closed Monday, 02/20/12, for President's Day.


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.


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.


Nigel Farage UPDATES Greece Situation

Keating: "Be mindful of Greece"

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.


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.