WTF Chart of the Day: What The Beep Is Going On With S&P 500
By LawrenceFollowing is the chart of S&P 500 Emini future 15-minute chart, regular trading session only since Oct 23, 2013.
Many traders are scratching their heads wondering what is going on.
An 8 points only channel for 4 days?!
Well, it is not something new. Whenever S&P has to be carried to certain print level for a purpose, this happens.
This is what happened back in end of Jan 2013
Jan 30th was FOMC Meeting announcement day.
Notice the compression really starts from 5 trading days before the meeting day.
Oct 30th is the upcoming announcement day and we have this compression / up channel setup in place.
S&P 500 is just playing the same script again.
Comments
An idea for an overnight trading system:
Long at new afterhours high taking place between 11:30 PM and 1 AM EST.
Close at 9:30 open
Short at new AH low taking place between 11:30 PM and 1 AM EST.
Close at 9:30 open.
No stops.
Just an idea. Do with it as you wish. Been focusing more on AH these days.
All the best,
Glen
The 1 am new high thing I know for sure produces a run to 5 am. It is part of the AH 10 pt bias properties.
Will post my findings (should have and somehow the pieces are all over the place). XD
You’ve got a full time job during the day. Do not stress out yourself.
Happy Thanksgiving!
My thinking is that AH highs are rarely made between 1130-1 AM (new AH highs made by then will likely be surpassed later on) I also have noticed that 8 PM seems to be the end of the opening range of sorts for AH.