Round Table

Hear ye, hear ye! Gather ye around the round table.

My weekly indicates this is over. The daily, not by a long shot. Sellers seem to have effectively controlled 1369. By my count we have to peak 1376 to keep seeing the sun as it were.

What are you guys coming up with?

I just started selling the 71 area..but I have 77 and 82 as a key zone.....so that is the spot I would prefer to get a better short on at....not sure if that will happen today...64 - 66 is first key support to me..... here is the chart I posted on another thread which is still valid....

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Originally posted by BruceM

I just started selling the 71 area..but I have 77 and 82 as a key zone.....so that is the spot I would prefer to get a better short on at....not sure if that will happen today...64 - 66 is first key support to me..... here is the chart I posted on another thread which is still valid....

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Many thanks, Bruce. Many thanks.

My next area is here at around 1370-73 SP cash basis (cash is a few points lower than ES right now), which is about what it will gap open to. Sure seems unlikely they will open it up at the high of the day and have it get crushed off that, but it is possible. I'm prepared for anything, but especially for this to blow out the area to the upside, in case...

Looks like we retraced 50% from 1411,(6/6/08) we will probably test the 61.8% area sometimes this week 1380-1385 area.My bias is to the long side but cautios , it seems to me that bad economic numbers are not really moving the market to the downside, sentiment seems to be to the upside? or it is just me?

Appreciate your thoughts, learning every day! Thanks

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Originally posted by Stowaway

Looks like we retraced 50% from 1411,(6/6/08) we will probably test the 61.8% area sometimes this week 1380-1385 area.My bias is to the long side but cautios , it seems to me that bad economic numbers are not really moving the market to the downside, sentiment seems to be to the upside? or it is just me?

Appreciate your thoughts, learning every day! Thanks

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More sellers than buyers. I did hold your sentiment this morning pre-market, but now, I tend to think buyers head-faked at the high, already breaching their own arm (though ideally 1376 is the conviction level to beat in price) and we'll tank until nail-eating bears are good and ready to cover their shorts from 1586. From an investors point of view, you make more money from bottoms than you do tops. What we're seeing here are grumpy 'ole fuddy duddies enraged at the world that they misconstrued the change of trend at 1253, so they're going to drive it to near the bottom as they can.

I'm looking for a double bottom at 1330, and then a steep drop off to 1325, myself, for the next long pony show.

I covered my short from the high at the cup and handle buy at 1356.

Now I want you guys to see this window dressing first hand. It'll take forever to work our way back up, but check this out: we'll fall short at a technical double top on near every single corner, retrace, and do it again at the next corner, until we're near the high, and she'll tank.

I swear. If it doesn't happen call me names, a fraud for an example, that's always a good one; ban me, stone me to death even but swings are my thing. Scalp the dickens out it.

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Originally posted by jimkane

My next area is here at around 1370-73 SP cash basis (cash is a few points lower than ES right now), which is about what it will gap open to...

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I wanted to add a bit to this, for clarity. I use the cash indices for doing my mid to longer-term line work, since it seems to work better than the continuous contracts. For a trading vehicle, if I am looking at a mid-term play I'd be using the SPY or, more preferably, options on the SPY. For intraday I'd be looking at the ES (although I focus perhaps 99% on the Russell mini, as I find it trades infinitely better for what I do).

Right now the ES is trading about 2 points over the SP cash. Before the market opened there was one more report and the futures started to sell a bit. Hence, the SP cash didn't get a chance to reflect the ES high area from right before the open. ES hit 1372, which would be appx. 1370 SP cash. My posted area was 1370-73. That's about the best I can narrow it down, and then it becomes all about price action.

Both the Russell mini and the ES triggered shortly before the regular open. The use of the cash indices for my linework and such is just to show me where to start looking at price action. Overall, this really dumped quite a lot off the area. I thought they might try to fake them out a lot more.

For wednesday :It will be unusual if the market makes a gap lower open and doesn't trade back to the Monday _ Tuesday RTH Low in the day session at the 1351 area...so with prices down in overnight at 47 I'm trying to lean long but can't find any signal....I'll also be watching the 1358 - 60 area on the next visit up there as there was high volume based on an actual volume thrust first. The market then spent time there accepting that push...hope that makes sense

Bruce

I'm starting longs at 1342.75...I have another key area at 1337 so we'll see if it needs to drop father for buyers to step in....first target will be in 46 area then will try to get that 50-51 area...

This volume spike is what helped define my entry...just like yesterdays spike in overnight into that 1371 area...I meant to add that yesterday to help define what I look at

Interesting thing about the minus 8 if it comes is that it will break Fridays low....so I'd like to see a high Tick and volume flush to fade....Ticks made a new low into the minus 1100 area but the ES and YM didn't...NQ now trying to lead down...the tricky part about watching the main markets is how leadership can reverse and quite quickly...I prefer to see what is happening with the volume surges and tick readings sometimes you will see a divergence in the markets and a volume surge in the market thats trying to lead.....NQ just did that on the 10:52 time bar... EST......so is this a brief selling climax for a day trader?