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 31, 2010, In Market Recaps, By eMiniDayTrader
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.
On August 19, 2010, In Market Recaps, By eMiniDayTrader
A perfect test overnight to our resistance areas within the down auction when the market peaked at 1095. A very nice sell off that we caught for one of our best trades in a while. Our early short only moved against us .50 pt then fell 9.75 pts. in our favor. Res now at the 1078 area with a potential to drop to 1061 and 1050.
On August 19, 2010, In Market Recaps, By eMiniDayTrader
We’re still in the down auction as the 1097 area held in the regular trading hours and the 1093 area held overnight. We are using the same reference numbers for tomorrow. Still within the context of a down interday auction. Next targets lower are 1077 and 1071. News can change this bias if the jobless claims are bullish.
On August 16, 2010, In Market Recaps, By eMiniDayTrader
A lower open found some strong buying early in the session very, similar to last Thursday. Very little follow through today as well. The down auction remains intact. Look to be a seller tomorrow as
long as the market remains below 1091. Support likely in the the 1071 area.