So the market openned up, down, up more than at open, then drop huge.. So far the market is at high of the day. This is my interpretation.. If this happens then a hamer will be formed..
It's oving down..ore profit taking...look at BAC HIG and we can tell the diraction of fanancial stocks. AAPL so far still strong. When this is weak then tech will follow.
I'm surprised that Bob Pisani (his name?) is saying on CNBC now that don't worry. I think it's a revaersal. The candle stick is clearly a reversal candle. RSI is so overbought. Need to retrace to be healthy.
I think tomorrow, we go up in globex and we get selling in RTH. Lets say long right now at 982 - take profit at 986 in globex. and then short 987 after the open..?.....
****A new Forecast has been added to the TCT charts. The MCO weekly was forecast the last weekend of May. It will likely be obvious to you what chart MCO is following. Also the forecast takes you until the end of 2009. *Note- New Information* - It is quite natural to equate the amplitude of the up and down price movements with the TCT graphs. HOWEVER, DO NOT LOOK AT THE SEGMENTS OF DATA POINTS ON THE TCT GRAPHS AS A MEASUREMENT OF THE AMPLITUDE OF UP AND DOWN PRICE MOVEMENTS, AS IT IS A MATTER OF FORM, TREND OR DIRECTION OF THE MARKET OVER THE GENERAL TIME LINE. To assist you in recognizing this aspect draw right to left channel lines in the form of parallelograms from pivot points. Go back over previous price charts and draw the channel lines and then look at the past B or C TCT graphs for those given dates. *Note- More New Information* Sometimes when one is expecting prices to be moving up or down, a sell off or rally from the data, often price will go into, or form a price Lateral. This is actually representing what you are expecting in the data. Typically this will occur in a countertrend situation, not to say it canât or wonât happen in the trending component. For example if the market is in an uptrend, and the data says weâre approaching a time frame where it appears a sell off is going to occur, the market (price) sometimes will go into a Lateral and then resumes the upward trend. What appeared as a sell off (in amplitude) was represented in the form of a price Lateral. The opposite may occur in a downtrend. What appears to be a countertrend rally (in amplitude) in the downtrend, the market (price) sometimes will go into or form a Lateral and then resumes the downward trend. A similar situation may be represented in the TCT graph data points. When the TCT data points are moving in a sideways pattern, up and down in a choppy way, depending on how the market was trending or moving into this time frame, this sideways pattern may represent a continuance or actual change in the trend, and the amplitude of the price move may be significant compared to the up and down, choppy pattern of the data points. These events do occur and by studying the data you will begin to understand and recognize them. *Note* - Added to the TCT spreadsheet is a Daily and Weekly forecast for the Yen. The Yen Daily forecast is from 7-20-09 to 8-28-09. The Yen Weekly forecast is from 7-24-09 to 2-12-10 Comments about the forecasts will be made on occasion. These forecasts are being posted before they occur. Check the times of the previous post. You are encouraged to download the previous forecasts and look at the actual price charts over the general time line for the given date of the forecast. Todayâs post (Wednesday July 29, 2009 is for Thursday July 30, 2009-intraday data) and will allow you to follow along in real time. Remember this can be done for any market or time frame, daily and weekly included. Be sure to look at all the markets as many opportunities are presented. The following markets are included in the spreadsheet: ES (may be followed on 5min or 15min) US10min EuroFx10min CL10min GC10min Yen Daily Yen Weekly MCO Weekly Interdim
Frist part accheived - you would take profit here at 986 for 4 points profit. We stay out until the open and if we can get 987 or better we short.
Were able to get about 987 at the open for the short. Close here at the close for another +5, so 9 points for the day...?.... cool