John's Intraday Market Analysis

John, what is the smh ? thank you

 

SMH= ETF for SOXX index, ,,semiconductors NQ shadows strongly

 

ok NQ shadows ER2 strongly then.. ok thank you

 

NQ and SMH shadow stongly, ER2 more bearish (more mid caps)

SMH at top trend line, look for tick high to short (NYSE tick)

 

short 727, stop 727.8, target lower.

 

raising stop to 728, may add to short if 726.7 breaks.

 

I may try again at 28 , if it hits it again . Looks like good res in that area

 

added short 727.3,

 

I have to leave for the day, wish I could keep trading and looking for shorts on ER2. 1 of my shorts got hit earlier, right at the top,(on NQ and ER2) that happens to me alot, then we tend to sell off, so I shorted again and made back my change and then some. Stick to the plan, and stick to your setups. Watch the tick for tightening stops. All exits on trades were hit by a stop.

P/L= $400

Good luck Phil, I'll try PMing you later about that question.

 

I have a bearish bias going into today.

YM support 11740, 11725, & 76% retrace and support below at 11665 (61.8%)

ER2 support 717, 712, & 709 (38% retrace)

Note: the fib retrace levels are backwards with IB, depending on how you look at it.

Not much resistance above on YM except 11800, 11815.

ER2 resistance 726, 728, 732, 736, 739.5.

DAX is up. ADP employment # resulted in negative reaction.

Looking for ER2 to break out of 720-726 range.