Cool You may need the stop a bit higher should a fake out bounce occur, just in case. My guess is that 994 to 998 is now a wall.
Well, yes. Although as I mentioned Bigcharts/Yahoo earlier, their open price (cash) was 1001.8 and we kind of closed that gap. But the real gap is at 1005.7 so we still have an unfinished business of 5 points there. So yes, technically we have a 2nd downgap in the works right now. Today was an SDD as I expected, although an irregular one. To see it better you have to move the chart to the left by 1 hour (disregard the first hour's action, that was just a gapclose attempt), and there you go, a perfect Step Down Day...The 2nd step down started at 3 pm, instead of the usual 2pm. Today was my 4th perfect prediction for the day in a row. Cake for everyone!!!!
ES just bounced off of S1 support and is setting up for the next leg down. should be able to hit 920 today by this afternoon. that would be about another 18-20 points lower to go. Bank of England just cut interest rates by 1 1/2% which is more than 3x's than expected!!!!! very aggressive with the rate cuts. However.................rate cuts only cause spikes not turnarounds. I expect the market to continue on its current downward course. *MARKET WATCH: Now that the election is over and Obama has won just as the market predicted I expect the market to retest the 52 week lows by weeks end. The system is looking to add to its short positions and suggest the Dow to go to 7,000 very soon. The VIX continues to remain high although it has pulled back from its all time highs therefore I expect the selling pressure to continue. *Today's Price Points ES (Emini S&P 500 Futures) Entry Point = Sell @ 955.25 Target 936.75 Stop 978.75 Swing Trade Signal = n/a 1st Resistance 984.25 2nd Resistance 1015.75 3rd Resistance 1063.25 Intraday Support/Resistance = 968.25
58 drop to 42 within 10 mins ... news? Staging for IHS upset for the bears though. I though yesterday was the start of a down leg, I was wrong. It was the down leg itself Edit: I was able to get to my desk early this morning, hopefully able to participate the pre-market a bit.
so then you don't see any further downside today? if so, on what basis do see this? care to elaborate? thanks
The S1 at 36 is more than 20 pts below previous day close. It is also more than 10 pts below previous day low. Usually after a big down day, the overnight gap stage an "upset" to have a run of the size of about 40-50% of the previous day range. My target is about 36 + 26 = 62 or so. SS version - run back up to pivot (today it is 68) or 50% of previous RTH range (today it is 73). Am not bullish at at. The daily tick extreme signal is usually good for a week
The bounce will reach the higher targets if it is running up early in the RTH session. If it starts late, the upside target will keep dropping lower.