I can only trade the first 45 min. of market open due to my full-time day job. What indicators or tools can I use to guage the opening direction? I primarily trade Nasdaq tech stocks such as KLAC and QLGC. I had a negative bias on both of these stocks, and the market as a whole due to the down Friday. I was expecting the negative momentum to carry in to today's open, so I didn't go long on either of those stocks. I actually shorted the reversal, but of course I should have gone long after the pullback but didn't. Thanks in advance for any information. Regards.
Sorry I suppress the thread because it points on a dynamical page that will change. I will repost with static urls.
Just turn on CNBC about 9:00 AM and listen to Maria, she'll tell you which way the market is gonna go.
If you don't see pictures below the then the site has problem and you must consult it later again (I must find another webhosting which is more reliable). The trend was down in continuation of the past but as everybody knows a trend has always reversal if not so it would be too easy . So the important thing is to always be able to change your bias. For example on my pseudo elliott chart you have ALWAYS levels of potential invalidation of the expected trend, example for 250403 you have 8313.83: <IMG SRC=http://harrytrader.membres.jexiste.org/market/dji/250403/elliott1.png> For anticipating opening per se I use a barcolor chart: since we closed on barcolor red, we should go on barcolor brown if the trend had to continue but we didn't and by symetry you can reverse all the phrases in a countertrend: 8306: potential bearish acceleration zone -> potential bullish acceleration zone 8337.1: Confirmation of a bearish trend -> Confirmation of a bullish trend <IMG SRC=http://harrytrader.membres.jexiste.org/market/dji/250403/pivot2.gif> For target of consolidation as it is said see other charts on upper scale and on upper scale there was "expected consolidation" at 8505.98 we didn't do it since we made a top below at 8500 but it was near (whereas my fundamental model gave a BRK zone at 8501). <IMG SRC=http://harrytrader.membres.jexiste.org/market/dji/250403/elliott4.png>
I watch the advance/decline line for the first 5 minutes. I try to judge how strong it is regarding which direction it initially trends. Up, or down. Pretty simple.
Maybe nobody has said this because its the obvious??? But how about just watching the Naz futures? One guy on my desk trades the semi`s exclusively and makes a killing off the open watching the NQ pre-mkt then the SOX right off the open