Mohan 10/12/04
Enviado: 10/12/2004 11:22Market Force: Bullish/Neutral. We have neared first level resistance at 1194.00. Neutral readings show possibility of Sell off from early highs.
Friday, December 10, 2004
Prev Day - SP
Range: 17.80 Value Area
Range: 13.40 TCF Key Numbers for ES
1,197.50-1,196.50 Sell Pivot
1,193.50
High 1,193.50
Close 1,190.70
1,184.20 Pit Bull MA
1,180.10
Open 1,180.00
1,179.75-1,180.75 Buy Pivot
Low 1,175.70
Trade Setup Summary for Thursday, December 9, 2004:
No Trades on Thursday.
Recap of Thursday's Action:
Good Morning and Welcome to Friday's trading action.
We stand aside on Rollover days and Thursday put in a huge showing on the bullish side which is unusual for a Rollover day.
This is a good sign for the bulls but we are getting Neutral readings in our Market Force indicators showing some resistance.
Thursday Hit the Hour One low first by ONE TICK and then gradually started rising all day. Between an intermittent pause at the 1188-89 area prices pulled back to the 1185 area and then steamrolled ahead another 9 handles higher.
This really does bode well for a higher move into the New Year as the bullish spirit is there. Once we crossed over the Pit Bull (1183.30)...which we had suggested we would...prices ran up strongly.
Prices took off and moved right up to the 1194 resistance number we had mentioned in our Headline Call early last week. Now we are there again and today should solve the mystery as to where we are heading.
Today's Call & Briefing:
For today we are going to be initially focusing on the potential for the market to stage an early run at the Hour One high, trade through it, and then fade out substantially.
Our 2nd focus will be on prices opening lower and running lower FIRST. If we see this kind of action then we want to be looking for a boost higher in which we would still look to Sell an overcooked rally from there.
Right now there are too many bulls in the market that gladly leaped over to the bullish side. It is the same crowd that started screaming BEAR!! on Tuesday and Wednesday.
So the big question for today will be to see if this is simply "fickly pickle crowd movement". LOL. IE: Many of the pros are leaving for extended vacations and this crowd that is jumping from side to side may be the more "fickle pickle" or nervous nillie types jumping which ever way the wind blows. This causes tremendous WHIP SAW ACTION and that could be what we are seeing only on an extended day to day basis instead of just merely intraday chopping up of the traders.
RECOMMENDED TRADE SETUPS TO WATCH FOR TODAY: If we open flat to higher and rally FIRST hitting the Hour One high then watch for a final crop of bullish crowd joiners to get in at the top where WE WILL BE LOOKING TO SELL. From that point we could see a substantial sell off of those highs today.
Our Market Force Oscillator will give us the exact trading points to nail this. You can watch us trade with this live on our LIVE UPDATE SERVICE. Call (800)806-4801 for a FREE TRIAL.
If we open flat to lower and RUN LOWER FIRST then this is a continuation sign. Upon seeing this our next goal will be to look for prices to HOLD ABOVE THE OPENING PRICE RANGE. Once they do this we should see a higher price movement into the close. We would look to Buy the BreakDown under such a circumstance.
Value Area: 1,180.10 - 1,193.50
Top of VA is first resistance level. If we open above this then watch the Sell Pivot target next at 1197.50 and then the stop/pivot target (+4.25) at 1201.75.
There should be lots of cheering IF WE HIT 1200.00 and there is a good chance we will do that today if we open higher and run up first. Later there could be some dissapointments as prices pullback.
You know how Wall Street likes to toast and cheer....especially at this time of the year.
Buy Pivot Target: 1,179.75 - 1,180.75
Not likely we will head down here today.
Sell Pivot Target: 1,197.50 - 1,196.50
As mentioned above watch for this area combined with the Hour One high with 1201.75 to hold back the buying and get us short.
It's hard to say how hard they could rally today but I expect there will be some motivation to get em up to 1200.00 by the players on Wall Street.
If not today then soon as we roll into a bullish Christmas. That now definitely seems in the Cards.
10 Day "Pit Bull" Moving Average: 1,184.20
We blew through the Pit Bull with a furry on Thursday's rollover and this is a very bullish sign. Strong support here now through the New Year.
Pro Trader's Action
We rolled to a Bullish Market Force above the Pit Bull but other MF Indicators are giving us a Neutral reading to combine with the bull for today's intra day trade.
We have to be ready to sell an overcooked, early rally today for a decent pullback at least to the OPENING PRICE RANGE.
Seeing that hold will confirm good support moving into the New Year.
Good luck with your trades today and I'll see you in the action.
All the best, Mohan
Friday, December 10, 2004
Prev Day - SP
Range: 17.80 Value Area
Range: 13.40 TCF Key Numbers for ES
1,197.50-1,196.50 Sell Pivot
1,193.50
High 1,193.50
Close 1,190.70
1,184.20 Pit Bull MA
1,180.10
Open 1,180.00
1,179.75-1,180.75 Buy Pivot
Low 1,175.70
Trade Setup Summary for Thursday, December 9, 2004:
No Trades on Thursday.
Recap of Thursday's Action:
Good Morning and Welcome to Friday's trading action.
We stand aside on Rollover days and Thursday put in a huge showing on the bullish side which is unusual for a Rollover day.
This is a good sign for the bulls but we are getting Neutral readings in our Market Force indicators showing some resistance.
Thursday Hit the Hour One low first by ONE TICK and then gradually started rising all day. Between an intermittent pause at the 1188-89 area prices pulled back to the 1185 area and then steamrolled ahead another 9 handles higher.
This really does bode well for a higher move into the New Year as the bullish spirit is there. Once we crossed over the Pit Bull (1183.30)...which we had suggested we would...prices ran up strongly.
Prices took off and moved right up to the 1194 resistance number we had mentioned in our Headline Call early last week. Now we are there again and today should solve the mystery as to where we are heading.
Today's Call & Briefing:
For today we are going to be initially focusing on the potential for the market to stage an early run at the Hour One high, trade through it, and then fade out substantially.
Our 2nd focus will be on prices opening lower and running lower FIRST. If we see this kind of action then we want to be looking for a boost higher in which we would still look to Sell an overcooked rally from there.
Right now there are too many bulls in the market that gladly leaped over to the bullish side. It is the same crowd that started screaming BEAR!! on Tuesday and Wednesday.
So the big question for today will be to see if this is simply "fickly pickle crowd movement". LOL. IE: Many of the pros are leaving for extended vacations and this crowd that is jumping from side to side may be the more "fickle pickle" or nervous nillie types jumping which ever way the wind blows. This causes tremendous WHIP SAW ACTION and that could be what we are seeing only on an extended day to day basis instead of just merely intraday chopping up of the traders.
RECOMMENDED TRADE SETUPS TO WATCH FOR TODAY: If we open flat to higher and rally FIRST hitting the Hour One high then watch for a final crop of bullish crowd joiners to get in at the top where WE WILL BE LOOKING TO SELL. From that point we could see a substantial sell off of those highs today.
Our Market Force Oscillator will give us the exact trading points to nail this. You can watch us trade with this live on our LIVE UPDATE SERVICE. Call (800)806-4801 for a FREE TRIAL.
If we open flat to lower and RUN LOWER FIRST then this is a continuation sign. Upon seeing this our next goal will be to look for prices to HOLD ABOVE THE OPENING PRICE RANGE. Once they do this we should see a higher price movement into the close. We would look to Buy the BreakDown under such a circumstance.
Value Area: 1,180.10 - 1,193.50
Top of VA is first resistance level. If we open above this then watch the Sell Pivot target next at 1197.50 and then the stop/pivot target (+4.25) at 1201.75.
There should be lots of cheering IF WE HIT 1200.00 and there is a good chance we will do that today if we open higher and run up first. Later there could be some dissapointments as prices pullback.
You know how Wall Street likes to toast and cheer....especially at this time of the year.
Buy Pivot Target: 1,179.75 - 1,180.75
Not likely we will head down here today.
Sell Pivot Target: 1,197.50 - 1,196.50
As mentioned above watch for this area combined with the Hour One high with 1201.75 to hold back the buying and get us short.
It's hard to say how hard they could rally today but I expect there will be some motivation to get em up to 1200.00 by the players on Wall Street.
If not today then soon as we roll into a bullish Christmas. That now definitely seems in the Cards.
10 Day "Pit Bull" Moving Average: 1,184.20
We blew through the Pit Bull with a furry on Thursday's rollover and this is a very bullish sign. Strong support here now through the New Year.
Pro Trader's Action
We rolled to a Bullish Market Force above the Pit Bull but other MF Indicators are giving us a Neutral reading to combine with the bull for today's intra day trade.
We have to be ready to sell an overcooked, early rally today for a decent pullback at least to the OPENING PRICE RANGE.
Seeing that hold will confirm good support moving into the New Year.
Good luck with your trades today and I'll see you in the action.
All the best, Mohan