Listen to the markets Orchestra. It's always trying to tell you something important. Watch the channels, they're your friends. They keep you from reacting too soon. Expecting a grind into the close? <a href="http://imageshack.us"><img src="http://img240.imageshack.us/img240/6307/ftt22607za0.gif" border="0" alt="Image Hosted by ImageShack.us" /></a>
Don't hold your breath. The market rarely makes an intraday bottom on a simple low. It likes to wave a bear flag first. Not saying it can't happen...
Now what? Where do we go from here? Listen to the tape and follow your friend. <a href="http://imageshack.us"><img src="http://img255.imageshack.us/img255/3489/ftt22607vv1.gif" border="0" alt="Image Hosted by ImageShack.us" /></a> This is not posted in hindsight. Not 1 day later. Not 1 week later. This is realtime. If I can do it, why can't you? Thank you Jack! God Bless!
I wish I were sitting in your office. I'd bet you a Franklin on a retrace down to an inverted head and shoulders.
I see. Price went two full points higher on the ES from his chart position, but you weren't wrong with your 'market headed lower' call. Thanks for clearing that up. - Spydertrader
What I said was that it wasn't clear at the time it was the low of the day because we hadn't seen an H&S or worse yet. I don't trade ES, but it had a double top at 3:00PM ET and one of your precious volume peaks set off a short alarm at 3:15. Market ain't closed yet.