Traded 2964.75 setup double top. We have a micro short that is setting up for 53.75 . . . if we hold the 56.25 level, we can sell off. Hitting the 2937 objective, we will know we are on our way. 2862.50 is our next stop, failure level of 2838, means we can trade to the bottom end of the range. Expect to see us hit this 2937 level in Asia or Europe as confirmation...
ES reaches it's 2888.75 objective from the 2812 long on Friday morning. Usually, this is where it would turn, however, Wall Street needs it's fill up here too. And, the end of the channel is in sight. If we continue up, look to 2925 level to sell. It may take some time to do that, similar to other tops. At some point, this whole move up will need to be defended by...
Like Good and TSLA, FB is also in a short. Like many of the Tech Stocks, it has broken the 61.8% fib line and have retraced up to the 78.4%. The current setup is similar to the highs of the year . . . we are at the beginnning of the end of this deadcat bounce. Failure to go straight up from here will usher in lower prices.
Last time Google was in a 50% short with bad candles was at our peak. Now, we are at the beginning of the end for this deadcat bounce. Failure to rally from here will lead to lower prices.
Morning S&P Update: Same draw as the YM (Dow) last night. Sell off from All-The-Way HWB happened in Europe. But, look for rebounds as Friday's tend to be range bound. Locked between two 50% levels? Only a move below 2800 will enable a deeper selloff. Otherwise, bounces may encourage the bulls back to the these levels.
Does Fibonacci Retracements work on stocks? Yes, TSLA is in a topping pattern. Bad Candles Patterns & it's holding a daily HWB 50% short. 12 hours at it's short and it can't break it. 745 Target. Last time Tesla couldn't hold break a short, Late Feb - Early March - Target of 532.68 hit after getting no further than the sell zone.
Market needed to rally today so that we can get short setups. We have two halfway back short setups here. Selling off from the Weekly. But, Trend changes require this usually require the larger HWB. Basically, I am a seller up here in the sell zone between 2856 - 2883.
Beautiful Sell of YM (Dow Jones Index) futures at the 50-61.8 Fibonacci Zones during the last few days. Now, a retracement is needed to the new sell zone. So, expect bullish action back up to new 50%.
Grains tend to hit their seasonal lows here in early May, as we get into the critical May-June growing season. On the daily chart, corn has traded down from it’s 460’0 highs of last year, using a 50% HWB short at 402’2 to make the run down to it’s Fib objective of 316’6. With price and timing lining up for a bottom here, we are looking for 50% Half Way Back...
I have been wrong. My timing is a bit early. The key here is to just trade what the market gives you, basically, continued up moves as it tries for a double top. This week should see the culmination of this short-term uptrend as we get a secondary double top and can begin a summer decline in earnest.
Markets move counter intuitively . . . The best lesson I ever recieved from a market watcher was when a daily or 15 minute trend pierces the 61.8% line. At some point, it’s only a matter of time, where that whole move will the retraced, in order to provide the opposite part with it’s owntest, that in turn, they will need to respond too. We had a minor selloff...
This brief break into highs during lunch hower should be faded. Same setup at the high end of resistance. Play for the Gigantic fall.
The 50% HWB short still held and was retested in Europe. Markets double top for a few reasons, not the least of which is that Europe wants their chance to sell major tops. Overnight, they took it up to the 2888 level. I expect that level to hold as we begin to sell in earnest today.
Still Expecting ES and YM to sell off from these levels. Europe wanted their fill and pushed the indexes back to their sell point. So, it’s trading Groundhog Day. Time to do it again. www.screencast.com
ES has hit is 50% short based on Friday’s close. Time to sell your ES short NOW.
Sunday night gap fill was close enough. Time to sell ES short. 2805.50 is the trade.
I don’t think you can short ES and YM at these levels on an early Sunday evening. . . but, a place to do it is a bit higher when it fills the gap overnight.
The Stock Market has had a nice run in the face of terrible economic and unemployment news. Look for the market to sell off here after this weeks' s break of the 61.8% line of the initial down move. This break means it's the bulls who will have to defend their upmove at some point. A move back to 2571 for ES is in the cards. Will the bulls show up over as the...