Daily ramblings, (and ES futures Wedn eve)

4:19pm
The daily candle is bullish green candle. The close today was weak in many respects. WHAT? Didn't it close near the high? Yes, but we closed right at resistance. Resistance held, we must respect that. Failure to hurdle it is bearish and suggests at the minimum a trip back down to test support next. Of course, nothing is 100%, but that's what I see. I'm still allowing for 1071/80 first. Also, volume was lower, which is bearish. Vol has been high on red candles, low on green ones, for awhile.

3:21
the sso 3490ish stall was expected

3:05
stop .43 on sso

3:03
raising stop on 1/3 sso to .83

2:51
i still have the 35.04 limit order in place to sell some sso there.

2:46
i know it sounds


crazy---but yest it sounded crazy when

i expceted up today, and up it

went...so who knows?
 
 crazy---but yest it sounded crazy when


i expceted up today, and up it

went...so who knows?
of course, after 3pm


the "purely technical" often gets

trashed
 
1:55
certainly some shorts here for longer term hold is reasonable,,,,,with stops at 1106ish

1:54
i'm not going short overnight, as it stands now. the trendline could break tomorrow, despite unemp reports

1:52
MARGINAL BREAK ON MY DTL#2.....not confirmed...warning only...suggests higher spx

1:47
my new calc shows a thrust to spx 1070 and a stall there...close to the 1071 from yest...could go higher...i see a stall 1070

1:44
SPX HAS BROKEN OVER ONE OF MY DTL LINES...may backtest...but closed over it on 60min

1:42
the spx has a triple bull divergence, that is what caused this move up today. it will take time to burn the diverg off. 3x diverg can be persistant barnacles.  spx has unfinished upside business, i think.

1:24
while spx stays over 1062---bullish for next 1hr

1:23
this consolod "up here" is good for bear....it will allow the spx to drop...but still not yet....so shorting signal

1:20
still pressing on my 1064 DTL R line...it continues to hold.....my work continues to say it will break higher

1:07 PM
my trendling now at 1064....the R trendiline is holding guys....this could be it...could go either way...charts say it will break higher

12:41
sloping inv HS bull type thingie in hourly sso

12:30
my spx dtl R now at 1064 not 66....looking for break over 64 to 71, backtest of course

11:27
possible re-entry one more time into morse sso scalp...but no buy signal yet

11:05
this is right close to touching my major 60min DTL...it really could go either way...charts say up for a break and backtest...maybe 65% confiden

11:01
if we break my dtl up...then i'd expect backtest of it, then direction will be determined. dtl now at 1065ish

10:55
There is a bear broadening formation developing on spx..... coupled with the divergence setting up, this suggests powerful move down when upside targets are achieved and exhasuted.

10:54
ok there is R at 1065 now, not 1066, from one of my DTL spx

10:52
my work says more up, but this should setup the neg divergence and trigger a short entry when its done up

10:01
i would not short here. charts suggest may break on the first try. spx 1060 last.

9:56
my work suggests spx will break the 1061. suddenly i must add 1076 to the target list up. spx 1061,66,71,76. Unknown how high it will go right now, or even if it will break 1061. But thats what the charts suggest.

9:42
ok so the spx is forming a coil here in the 15min...the breakout direction of that coil should tell us up or down. Currrent conditions suggest we might have to wait for tomorrow or even Monday to get a resolution, possible chop in that timeframe unless some agressive moves happen.  1046--61 range in coil, narrowing as time passes of course. but i expect a break UP from the coil, then a backtest and head down to 1020/1000ish.

9:35
Expecting spx to stall at 1061, then move lower, then break 1061. last 1054.

9:27 AM
This is why I waited to short yesterday. Market up now, ES 1051 after hitting 1053.50.  Must hurdle and sustain over 1052.25 to get upside acceleration

7:16 AM
The futures did trend lower last night, breaking below my 1041 support area and making a low of 1039. The fact that this breach of 1041 stopped at 1039 and not at 1035 (my target for the break) indicates to me some strength in the ES. As you know, in my other posts, I do expect a rally up before we go down, which is why I declined taking a new swing short yesterday.

Bullish:  My work suggests a move in ES to 1057 next if 1051 can be hurdled, which is very close to the 1058 high yesterday. If 1058 can be hurdled, 1062,64,69 are next targets.

Bearish: If 1041 breaks then 1035 target, and lower levels mentioned in earlier post.

12:29 AM
Futures are declining. Charts suggest they should start to form a bottom base around 1042/41, for a move back up within the range 1041--48.

Range 1041 -- 1048.

If 1041 breaks then 1035 target.
If 1048 breaks then 1054 target but 1052 might hold it down.

No intense analysis on the futures now, just wrote the post below on spx.

This post is quickly done, so targets imprecise. Just some ideas here.
Might update this later.

* ChristopherStockGuy is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. For details, see the post from SATURDAY, AUGUST 15, 2009 titled "Disclaimer".