Now, let's look at the 4 hr Futures chart from that same free website. I enjoy comparing both Cash and Futures charts to see if we have some agreement.
These certainly aren't guarantees of impending up-moves but they make it more likely than otherwise would be. It's all part of Prudent Risk Management. Reminder--the 4 hr chart is not a long term chart.
If you'll look at the Cash chart, you'll notice a gap in prices between 1/29 and 1/30. I am a believer that all gaps get filled. The low on 1/29 was 2851.48. MY expectation would be that we will get there again.
Here's the chart I'm sure someone will say that that gap was filled before it occurred. --Let's wait and see. I stand by my statement.
Listening to "Teacher" --Jethro Tull. Unscrewing the top of the Jack Daniels bottle and opening a bottle of Diet Coke. As you can imagine, I will talk to you much later.
The only thing I would mention is that I normally prefer markets to open flat or down in order to have a good run during the day.
for me it doesn't really matter which way, since i use money management. But did notice their was a difference between simple and exponential settings on the 200. One had conviction but the other didn't.