Tight trading range during the past 2 to 3 weeks not conducive to day trading. This is triple witching expiration week so let's see if there is more volatility and wider range with breakout, up or down. Major SPX S/R at 956 and 964-966 above market, and 936-939 and 920-923 below the market. Weekly range could be around 966 to 920, but this market will break our soon and if it does so this week then expect either SPX high 1000 or low 880.
"...Currently we are still on our Sell alert from last Sunday. The market has closed pretty much at the same price plus or minus a few points for the last 8 days. It's gone nowhere. So we are still showing the Sell is valid. Friday was the smallest day and lowest volume day of the year. It's really winding up for a move. Down OR Up. We don't know, but our pattern suggests to the downside. We have no pattern to Buy here, and if it goes up a little more, so be it. We don't buy into surges as that usually doesn't pay off. We need a pullback of some magnitude before we get a buy setup. The adage continues. Do trees grow to the Sky? NO they don't and neither will this market.. it will correct to our Buy point, so for now we look for correction. If you Look at the weekly, monthly chart... this is really not a big deal. The trend is still very much down. Look out below, we think. The key is, we use tight stops and don't let trades go against us much. Use caution and good money management with all our alerts...." RSofHouston Workshop <trader@rsofhouston.com>
Gold: Our sell alert is working very nicely here and Gold is now moving quite a bit lower and is defensive. We are down quite a bit since last Sunday's Sell setup. Let's see if this accelerates. Our patterns warn we have more to go to the downside. Crude oil: Crude has move a little higher since our last sell alert. Within a day or so of our sell alert last week, crude dropped almost $3 Per barrel for the day then bounced right back up the next day. Our idea is right, just no follow thru. We are off our last sell Alert, but looking for another here. We will let you know. The market is well above our standard deviation to sustain the upmove, But we need our one bar pattern to trigger the sell again. We could get it any time. Be on the lookout for a correction. Crude has Probably reached a solid intermediate topping area. If it does go higher, it will most likely not be by much at all. T-Bonds (30year): A Buy signal has now been generated for Bonds. Be on the lookout for an up move from here. "RSofHouston Workshop" <trader@rsofhouston.com>
Quote from mTrader09: entry price of new contract CLQ9 short @ 71.92 ---------------------------------- Holding CLQ9 71.92 short
Quote from mTrader09: buy NQU9 @ market (1453.25) testing 2-minute scalp system -- stop loss @ 1446.24 .25 ----------------- buy NQU9 at market (1448.75) STOP on ALL at 1442.25