Not much change from last night….and I feel as if every trader is watching the same thing so I won't be posting as many charts as normal…
As everyone knows most indicies could not break above resistance…..
First the Cac 40 Index aka France briefly went above resistance but closed under it.
Next up the 10yr IR swap is just a raging bull. I might reccomend TYD to those who don't believe in the stock market rally…. One would admit defeat at a break of support
Euro Schatz breaks resistance again
Euro Bobl still holding support as well but also near resistance.
Evil Index did not reach its previous support, but I am "guessing" it has established a new channel.
The Sanjew5 Index holds support. I think if a trader shorted stocks at support and bought stocks at resistance, he would be one of the top traders post July. However things can change quickly and support can be easily broken.
Last but not least the black gold index holds support again so one would have to be short crude instead of looking for an entry to buy them. Only if support breaks, would the long crude trade be established.
As for intraday futures feed here is the ES. This is why one must anticipate where the market will go next. See how the rising mini channel is established parallel to the 2 previous resistances. Great time to cover this morning while looking at dollar and bonds for confirmation.
However ZB breaks resistance near support.
Dollar coiling between resistance and support…
I have been using indicators and chart patterns to time my trades a lot lately…and my indicator on the daily time frame shows a little more room to run before I should contemplate shorting for a swing. But then again, I don't like to put too much trust in these indicators as these are very volatile times. The bond market may be signaling more worries however….and the dollar will soon confirm. My strategy for now is still to be a scalper with no sides except the right side.
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