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S&P 500 Next Week Outlook
2010 Oct 16 Sat 22:09:56 | by
Following is the chart having the previous expansion levels and marked zones untouched with the latest data added.
First, notice how ES reacted to the 2 zones marked there previously. Once the red zone was cleared, the market was set in range expansion mode to the upside.
The right most set of blue lines marked the latest weekly range.
This past week, the market clearly defended 2 attempts to break below the previous week high and failed. A retest of this week’s high at 1180 first is very likely.
Any turns below 1180 and breaking the 1165 area implies at least a quick retest of week low of low 1150s. The next downside target is below 1140.
30 Minutes into Friday
2010 Oct 15 Fri 10:01:00 | by
Be warned that NDX and NQ are making new high for the year.
Both gap up so far that at 50% of their gaps, they would be retracing into the current year high zone established back in April / May.
NDX tested that high once couple of days ago. Statistically, NDX does not retrace back under previously established year high if it is gapped through within several days from the first test.
So, NQ is not likely going to fill the gap completely today and is very likely to close at the high zone of the day.
Relatively weak is ES which is more likely to make a run down to expand its range to average daily range when NQ tests its 50% gap level.
2010 Q3 Earning Season
2010 Oct 10 Sun 19:53:09 | by
Tried 2 different background colors. I prefer the white one over the gray one. Not sure which one is better in making the charts more readable. ...
Classic structural move again after breakout of the high made in last week of Sep. Notice that right after the 50% expansion to the upside, a retracement has started. For next week, a retest of that 50% expansion level is very likely (momentum bias) ...
After the big gap today, notice that previous week range (left side blue lines) is breached to the upside. It came from the test of previous week low on Monday. 2 price areas are now enabled, 100% expansion of Monday range is in 1160 to 1162 area ...
In WSJ, there is a piece on Interactive Brokers' CEO saying that HFTs are having such an unfair advantage over their market making operations that his firm may consider to stop market making for certain securities. MMs used to have the (almost) ab ...
Since BOJ intervention, and that jawboning by Fed and China to counter the measure, many pairs are showing signs of major reversal in play. Take a look at EURAUD. Notice how nicely the bounce has worked out and that the target (and reversal price l ...
How predictable. =) If you use a structural stop on your longer term short position, then you would be taken out slight above Aug low (conservative) or slight above Aug close (aggressive). At this point, if you did not stop yourself in for the ...
July high breached, and Aug high area tagged. Usually, the previous cycle high (Aug high) should be breached too, maybe tomorrow. At this point, have to wait for the reactions at this price zone for better projection into October. ...
