R1 - 1364 PP - 1358 S1 - 1358 We've already blown past R1, be willing to short it if it comes back below it, otherwise, the Bulls still rule the day. Regards, JJ
For anyone still reading this. R1 - 1376 PP - 1367 S1 - 1362 ... only I don't expect the market to do very much today outside of consolidating its gains and perhaps continuing its current move higher a point or two. The ADVN/DECN Ratio (which is calculated by taking the number of Advancers and dividing them by the number of Decliners) is currently 1.4, and that's mildly bullish. The formula is, once again: Advancers/Decliners=Advance/Decline Ratio Pull that number up and observe it while doing your trading, it will help to keep you on the right side of the market. Best Regards, Jimmy Jam
R1 - 1376 PP - 1372 S1 - 1369 The trend is still up (very much so) . Sooo, for as long as price action is being supported by the PP or S1 look to be long (previous support was established at about 1370). Good trading to you. Regards, Jimmy Jam
Thanks for the vote of confidence. If you're holding long (as per last nights comment) the first resistance level is a good place to take at least partial, (if not full profits). Regards, JJ
R1 - 1379 PP - 1375 S1 - 1372 OK, you know the drill. The Longs are getting pretty long in the tooth here, but I can't recommend entering Shorts until the trend changes. So look to buy so long as S1 (1372) holds. Be sure to monitor the Advance/Decline Line while you're looking for your entries (while I've only been monitoring it for a couple of weeks now, it appears that anything around a 1.1-1.2 is good enough to generate a decent buy). Regards, JJ edit: We're going to have to belay that buy signal. I also monitor the NQ, and it has definitely shifted over into Bearish mode ... so I won't be looking to trade the ES Long or Short tomorrow (and if you've made goodmoney with this upside run maybe neither should you).
R1 - 1377 PP - 1371 S1 - 1365 Well the Bulls salvaged their session today, but the Bears got their licks in (and I think it's just beginning for them). The Bulls are still in-charge on the ES, but the Bears are doing damage in the NQ, so we'll have to see whether the ES turns towards the NQ (my thoughts), or whether the NQ pulls back to the upside (don't think so, but the market calls the shots, not me). I didn't make any dough with the Longs yesterday, and while I may get a setup today, I'm not really expecting it. Regards, JJ
Just as a heads-up. IMHO they're taking this puppy up to begin the dumping process. Will I be able to catch the downside? Nope, because the trend is up and I won't trade against the trend (yeah, I know it sounds dumb, but I honestly believe that discipline and adhering to a systematic method is what wins the war) ... besides, the trend is down in the NQ . Just so you know. JJ