Not much of a range to trade today, and this is getting stale, isn’t it mate?
Believers were rewarded, skeptics like Charlie didn’t have much luck.
We urged caution for the early shorts; intuition suggested that the Boyz were up to their old tricks again.
Not much news to move the markets, and we are still working off overbought conditions.
A program trade just took off as I was writing this around 9:15; and it looks like the longs who got stopped had the right idea, but the market wanted to frustrate the day traders again. Target 62 + likely to be tested overnight/ tomorrow.
Math is thought of as absolute, but numbers can lie, especially depending on our vantage point.
What appears to some as half full, may also be viewed as half empty.
Only one of our expected resistance targets came into play today, T1 at 1459.5.
The second was at 62.5.
Team E interprets that to mean scale out if long by 59.5, and anywhere through 62.5 we can expect even higher probability of resistance being met.
On a blow through that range, then subsequent targets will come into play from deeper measures.
Rotation actually began by the end of IB, and the lunch contra continued south after the early morning bum’s rush. Hindsight of course is the only real way to know what will happen. Another gentle day of absorption, with half and gap filled.
The 52/53 support zone was finally tested late day; much too late in time and price for any real follow through.
Confidence comes from focus and commitment to a system that includes both intuition and trade logic.
Sellputs on the ball, and the quality of his posts reveals his time and experience with markets.
The Emini wizard system is not for everyone, especially the math impaired.
Nothing is 100% accurate, and moving averages are only one small part of our methodology.
@sellputs 52.5/52.75 also available 58.25 as demon #EMWS http://t.co/HMFA8B7X
I liked the math for that gap fill, but truthfully just luck that the shorts were able to contain the trade in low volume, low paced range trading.
Kevin Haggerty telling it like it is…