The market’s reaction to the early news confirmed our up auction bias. A day of consolidation after that strong vertical move with a strong close, so expect more up next week. Our 1098 resistance was taken out but the 1105 area not quite reached. Monitor the 1105 area for continuation higher and the 1094 as sup.
On September 3, 2010, In Market Recaps, By eMiniDayTrader
On September 2, 2010, In Market Recaps, By eMiniDayTrader
Continuation of the up auction. Look for support in the 1086/87 area. Watch out for a possible volatile market after the employment news is released in the morning.
On September 1, 2010, In Market Recaps, By eMiniDayTrader
The break we were looking for took place a little early. We knew it was imminent but thought it wouldn’t happen until the release of the employment numbers on Friday. The quick RTH move above the 1064 resistance was the heads up to a potential bullish blast. Look for more up with support in the the 1074 area.
On August 31, 2010, In Market Recaps, By eMiniDayTrader
Another day of consolidation as the market hit the key support on the dot and rallied for the regular trading hours session. Look for immediate sup/res in the 1056-1044 area. A break below 1037 or above 1064 is not likely until the employment news is released on Friday.
On August 30, 2010, In Market Recaps, By eMiniDayTrader
The bulls had follow through overnight, but failed to hold on. Bulls made a very convincing attempt to take the market and hold it above 1064 overnight. This was the price we were closely monitoring to
see if the bulls could follow through from Friday. By the time the regular trading hours (RTH) opened the market was below that level and sold off for the rest of the day. Our down bias remains and the next target is 1037.
On August 30, 2010, In Market Recaps, By eMiniDayTrader
On August 30, 2010, In Market Recaps, By eMiniDayTrader
On August 24, 2010, In Market Recaps, By eMiniDayTrader
The break we were looking for took place overnight and in the direction we anticipated. The down auction remains intact. The market is currently testing the 1050 area. Should it hold for an hour or so tomorrow below that barrier look for more down to come. Next target lower is 1038.
On August 24, 2010, In Market Recaps, By eMiniDayTrader
Another day of lower values confirms the down auction. The res area of 1078-1079 held nicely. We can now use 1065, 1070 and 1075 as res areas with the next down target at 1061 with 1050 starting to look more likely every day.
On August 24, 2010, In Market Recaps, By eMiniDayTrader
Lower values today confirm the down. Resistance remains at 1071 and 1078. Our target of 1061 held as the market came to within less than a point of it. Next target lower is 1050.