US Market Pre-Open 2010-11-4

By News Robot
    ESNQ
    AH High1209.252184.00
    AH Mid1202.252173.13
    AH Low1195.252162.25

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Comments
  • Lawrence Chan November 4, 2010 at 9:51 am

    First 2 auto posts failed. This one works, finally.

  • Lawrence Chan November 4, 2010 at 10:00 am

    The market finally tagged the all important higher timeframes (quarterly, monthly, weekly) upside target.

    A break below 1200 with that acting as resistance to start a selloff, below 1100 is the first target.

  • Lawrence Chan November 4, 2010 at 10:06 am

    Once we are sure the auto posting mechanism works, we can produce useful updates and summary info on a timely basis. Yeah!

  • Lawrence Chan November 4, 2010 at 10:08 am

    NQ in progress to fill half the gap.

    AH Mid will be important level to watch.

  • Lawrence Chan November 4, 2010 at 11:16 am

    New high in 11 am slot. Potential run away day in place.

    When dealing with a day like this, the key thing to do is to find out the price level above that the market wants to tag today.

  • Lawrence Chan November 4, 2010 at 11:19 am

    For example, today SPX so far is up 18 pts.

    The average daily range is 12.75 pts. (If you do not know this, look it up in the daily cheatsheet)

    So 2x would take the mkt up 25 to 26 pts before it stalls.

    SPX target zone = 1198 + 25 = 1223

  • Lawrence Chan November 4, 2010 at 11:49 am

    Range is too tight for a melt up day like this.

    ES 8.5 pts only so far

  • Lawrence Chan November 4, 2010 at 4:03 pm

    Got lots of work to be done at the office thus cannot monitor the mkt until after 3 pm.
    Waited for the market to finish its job – hoping for a close at the high.

    ES did it – as I said in the comments, it has to finish the upside target for the day before it can stall.