1281 is the level I went short and the market did go short remember it went to 1252. then walmart legal victory monday and tuesday vote of confidence for greece pushed the market past 1281 (prior to that we were in the 50's) I posted that I closed out my swing at 1255 and was on the sidelines. I went on the sidelines awaiting fed. I noted that the [weekly chart] (position players) where showing short. But the current [30 min chart] and [daily chart] showed long while the weekly was losing some of its strength. So the fed could swing it either way (they always could swing it either way) So I did not want to be stuck in a short when the fed could say "we are extending qe2" and the market rallys. We have been playing this range of 1252 to 1293 the past 13 trading days so at least we may attempt to retest the low of the range of 1252 before going on to a 1246 support area. A trend has not been established long or short yet but a 40 point range is fun to play around in.
Either that, or, if they are as dirty as I thought, 74-75 first, then 84-85. Don't know what's next after that. Because 2 days to weekend. Always difficult when someone have a schedule to meet.
highest probability pattern in a matching environment. So far this is a retrace in a bull and that IHS projects to 1330-40 area which could set up the H&S but I would need to see how market is acting if we get first
You posted yesterday that resistance is at 81-82 trend is relative to timeframe. What trend are you looking at ?
That was [30 min chart] I look at [30 min chart] [daily chart] and [weekly chart] The 1281.25 (1282) resistance was just a resistance level not a pivot level. Resistance levels can be broken and that was showing people where expecting the market to go long prior to the fed. However the fed gave them something else to eat on. Levels on the daily chart are the ones I put more emphasis on and I will start posting a Weekly Market Outlook on Sundays. Covering most of the markets I monitor. It will include daily range, S/R, minor charts, with emphasis on daily chart. When I first started trading one of the things I did was sit in Tom Busby's online live trade room (former vice president of smith and barney) and he always sat on the sidelines before FED which drove me CRAZY! Because how big the daily range use to be. I use to be putting on these scalping losing trades while he sat on the side line. Then the next day he would put on a massive position and hold it while i was losing. So I started looking at swing trades to go along with my intraday momentum scalps but the point is I now always sit on the side lines before Fed even if the market is pushing 40+ points the day or two before. I have learned a lot since those days from various sources but I still sit on the sidelines before fed. I am still learning also so I am not trying to boast. I am humble and hope I can have another month like this month next month or better.