Search Results for: bear old gay

Turning Up (by Springheel Jack)

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Yesterday was a very nice day on the long side. I led with the nice bull setup on ES with a target in the 1427 area in the morning and that target was made by the close. I went long shortly before I capped that chart and closed out after the close so I had a very good day. 

What now? Well short term the odds favor gap fill and some retracement today and the short term rising support trendline on ES from yesterday's lows broke a couple of hours ago, so ES may well be topping out short term before that likely retracement closer to the open. Looking around longer term I'm seeing mainly bull setups here, and I'll run through some of those. 

On the daily chart SPX is approaching resistance in at the upper bollinger band in the 1435 area. In the event that we are starting a trending move however, and yesterday's move did look impulsive, that just means that SPX would start to push the upper bollinger band upwards. Strong support is in the 1411-16 area at the middle bollinger band, and the 50 and 100 DMAs, and I'll be leaning bullish overall as long as that area holds:

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Relative Strength in This Week’s Weakness (by SB)

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Due to an across-the-board sell-off that's occurred, so far, this week in
equities, I thought I'd take a mid-week look at the 6 Major
Indices and 9 Major Sectors to see which ones have
been holding up somewhat better than the others.

From the
Daily line chart of the Major Indices shown
below, the two Indices that haven't reached their lower Bollinger Band by
today's (Wednesday's) close are the Dow Transports and Dow Utilities. They are,
however, underperforming the other four Indices in terms of performance from
July.

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Equities Looking Weak Here (by Springheel Jack)

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I posted a possible bear flag on the ES 15min on Friday morning. It broke down during the day and has played out to within a couple of points of the flag target overnight. We might see a bounce here with some positive RSI divergence on the oversold 5 & 15min charts. If we see that then I have short term declining resistance in the 1367.50 area and that would be the initial target:

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Money Flow for April Week One

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Further to my last weekly market update, here is a summary of where money flow ended for Week 1 of April, 2012 (which was a short week because of the holiday on Good Friday).

The Weekly charts below of YM, ES, NQ & TF show that they all closed lower than the prior week on a bearish engulfing candle (which is a warning that further downside movement may be forthcoming on this weekly timeframe). Both the YM & TF have now closed below the uptrending channel, the ES closed just inside, and the NQ closed above the channel. Because these e-mini futures markets were open until 9:15am Friday morning, and because they all dropped considerably at 8:30am after the jobs and unemployment reports were released, this Weekly candle's close contains this drop…this drop won't, however, be reflected in these e-mini's Major Indices counterparts since these markets were closed.

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Breakout Candlesticks (by Springheel Jack)

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An extraordinary day across a number of markets yesterday, with the breaks through the bollinger bands on SPX and Vix looking particularly remarkable. I've been doing a bit of research this morning on similar setups in the past and they are a real rarity. On the Vix there was only one similar close in 2011 where the Vix both opened and closed under the daily bollinger bands. That was in April 2011 and it marked the 2011 low for Vix, though the 2011 high on equities was a week later. That candlestick on Vix should see a significant low there made yesterday or within the next day or two:

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