Review of Friday Afternoon's Market 05/23/09

Even though I did not follow the market Friday afternoon, it is a good idea to look back and examine possible trading ideas.

Starting around 1515 ET, the ES Futures made a new high. The only related market that was confirming the new high was the Technology Sector. Everything else was not confirming the new high, and the VIX was decisively bearish. We then got a classic 3-Wave reversal with a 50% correction and good market symmetry.

Charles

Morning Review 05/22/09

Something that I am playing with on the 620 tick chart. The blue line is the VWAP Line that starts at the overnight high, and the yellow line is the VWAP Line that starts at the overnight low.

Starting the holiday early today. Have some yard work to complete. Have a nice holiday everyone.

Charles

End of Day Review 05/21/09

Close of the Bond Market and a $TICK divergence signaled the market to trade back to its VWAP line in the last hour of trading. The remainder of May is statistically bullish. US markets will be closed Monday.

Charles

Morning Review 05/21/09

After the 0930 ET open, Financials was showing strength relative to the rest of the market. This increased my confidence that the market may bounce to the upside, and maybe test yesterday's low or 5-minute Pivot Line. However, the market could only test the overnight, low pivot, and the VWAP Line on the 620 tick chart which starts at midnight ET. Currently, the first hour low is now resistance.

Charles

End of Day Review 05/20/09

All indicators remained in the Red all afternoon. The market kept testing the 50% correction and Pivot Line until the Bond Market closed, which then led to the continuation of the downtren.

Charles

Lunch Time Review 05/20/09

Everything turned Red at 1110 ET. VWAP is now resistance and the market is now below its Pivot Line.

Charles

First Hour Review 05/20/09

If there is one fly in the ointment in this bullish market, it is that the Financials are refusing to make a higher high along with the rest of the market. So far, however, it is not holding back the market much.

Charles