9 Jan 2014

Momentum was weak today for the futures as well as the indexes.  Although we made a push up in the morning, we did not however see a sustained move higher.  What we did end up with throughout the day was a movement looking like a wedging pattern.  This usually follows with a continuation which in this case would be for more downside.  The EW options here would be for an ABC corrective or a more pronounced 1-2-3-4-5 pattern to the downside.  Our MT and ST remains on the uptrend so shorts should be cautious of their positions.

MT: UP
ST: UP

9 Jan INTRA

2pm:  Bias is still to the downside.

1pm: We will know if the downward push for the day has ended by 2pm.  A higher low intraday would also be a clue.

10am: ES still weak and still have a bias downward.

The ES is having a hard time trying to make a higher high, and the 60min chart suggest a downward bias. Be careful of any long sentiments as wave counts can put us in a possible B wave or 2nd wave of some sort.

 

8 Jan 2014

Seems prices are liking the support here between the 20 and 75 ma on the 60min chart.  Our ST has turned "UP".  Therefore there is a little more safety net to the upside.  Todays reactionary day didn't turn up anything, so the next one to watch is on the 12th of Jan Sunday possibly Monday (Trading day).

MT: UP
ST: UP

It is always the best Scenario when both trends are in agreement of each other.  But be reminded that if volatility kicks in, the Main Trend does tend to lag.

7 Jan 2014

Although prices have moved above the 20ma on the 60min chart, our ST still remains on the downside.  So caution should be taken to any upside trade.  Our Intra-Day Chart is also sporting a downside bias.

I mentioned in a previous post before the New Year that we should watch out for JAN. 8th and 12th for a reaction based on the Sq. of 144 time calculations.  There are also some Jan dates to watch for, but for now lets just see what happens on these dates.  Note that a higher high in price would bring the daily stochastics into a possible negative divergence.

MT: UP
ST: DOWN

6 Jan 2014

It seems we have closed at the 75ma of the 60min chart.  I mentioned last post that we would need to close below of the 75ma or above the 20ma of the 60min chart to give us a direction.  With both MA closing on each other it will be a hard call.  Hopefully we can see an impulsive move tomorrow.

MT: UP
ST: DOWN

Notice that our Short term trend is down.  The bias even though we have support is to the downside.  If this is the case and we should move lower we should look at the next lower angle line or the 200ma on the 60min chart as the next support.

3 Jan 2014

There were 2 distinct resistance for prices in the SPX.  These are the underside of our angle and the 20ma on our 60min chart.  Prices are sandwiched between the resistance and the support of the 75ma, therefore a break which way would prove to be the trend.

MT: UP
ST: DOWN

2 Jan 2014

Red day.  This is unheard of.. lol.  I guess first day back and some are taking some profits from that light volume run up.  We are expecting some sort of reversal to the downside within the first half of the month, so be aware of your long positions.

MT: UP
ST: UP