Please do not post the large pictures that distort the view. Thank you in advance for your consideration in this matter.
The bounce from yesterday is simply stop run. There was absolutely no buying in the underlying stocks. Liquidation is back this morning.
Thanks I have to get ready to leave for the Doctors now. However I'd like to post my setups for today. Perhaps this might help someone? I warn you ahead of time that my style of trading is NOT for everyone. I'm a systems trader so my price levels are predetermined before the opening bell. These are the trades that I would be putting on if I were able to watch the market this morning. I will not be placing these orders since i have to get ready to leave out. see ya when i get back. MARKET OUTLOOK: ES Z8 (E-mini S&P 500) / $SPX Early US session TODAYS TECHNICALS *CHART: The Chart is NOW technically Bearish. (Click link to view chart) http://stockcharts.com/h-sc/ui *MARKET WATCH: Yesterdays price action managed to take out the 3 day low. Todayâs action will be determined by the 8:30am EST Jobless Claims report which is expected to be bearish. Likewise the VIX is hitting historical levels to the upside. Corporate earnings have also been lackluster. The market will need to close above yesterdays close in order to establish true upside momentum. Until then I expect prices to continue to go lower. *Today's Price Points ES (Emini S&P 500 Futures) Entry Point = Sell @ 887.25 Target 864.50 Stop 938.50 1st Resistance 940.25 2nd Resistance 983.75 3rd Resistance 1059.75 Intraday Support/Resistance = 908.00 NOTE: "Parabolic & Hyper Parabolic moves in the overnight market/Premarket Open" Q. What are parabolic moves? A. parabolic moves occur when price movement extends beyond the entry price targets and can even go as far as trading beyond the profit targets. Q. How do you trade them? A. The system will examine the extent of the price movement and then make a determination as to the probability of the rally/sell off reversing direction and place orders in that regard. In other words the system will usually enter a "LONG" position at the oversold support levels and enter a "SHORT" position at the overbought resistance levels. The system will not always take these "contrarian" positions since they are only intraday short term reversal plays that could become quite volatile. However, more often than not the system will take these trades to take advantage of intraday volatility and price swing corrections.
if you go to view/text size/smallest it makes it easier to read. Buy 1 do you have a target on the short side long term?