1145 close in mar 10 sp futures. If we don't rally into the close this will be our first close lower for quite awhile. This will set-up a push higher then reversal to test 1128. Typically these continuation gaps close in an average of 7 days. My pivot had been 1129.75 which it looks like will be very close to support for the test of our uptrend.
Market profile's looking very tired this afternoon on a monthly basis. We're due for a rest. http://www.cmegroup.com/popup/mdq2.html?code=ESH0&title=March_2010_E_mini_S_P_500_(Dollar)&type=v
17 point range this week. Essentially a 3 pt range today. So unless something drastic happens this week we have a rather substantial decrease in volatility. Same story over again with a volatility squeeze is setting up over the long term. What the catalyst is who knows but even the press is playing into the story. Bubble money chasing return again. Russell outperforming. Just look at a graph of utilities versus RUT e.g. DBU or XLU versus RUT. Musical chairs even after a 100% return in 12 months.
Talk about bizarre. A run-up on no volume. No one willing to sell contract at these prices. If it ever runs back through this area it's gonna hit an air pocket.
I stand before the markets humbled as a short with a thousand cuts. Admittedly I'm a relative newbie but this market from the crash to the springboard launch from the depths is amazing!!! I think I'll shut-up for awhile and absorb its teachings. Good Luck!!!
This has been the case for the majority of the last 8 months. Why get surprised? I said it before many times. Buy. Hold. Ignore everything else. The market is rigged, gamed, manipulated. Make money on it.
I've stopped fighting the bulls a long time ago. I pretty much just buy whenever the 15 min chart on the ES slaps the 200ema. Been making me a ridiculous amount of money all year.