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Tag archive for ‘support and resistance’

Speaking Softly

Speaking Softly

We liked continuation today, with a test a bit lower than the gap at 89.5. We thought the Psychology was to leave conservative shorts standing at the altar, while new lows were explored, then close the half gap and gap later. The late shorts who now felt safe to enter the water were the fuel […]

In the Rain

In the Rain

It was cloudy this morning, and I am confident enough to say so. As the day wore on, a drizzle started to pick up a bit more, and the clouds became darker. By late afternoon it was a hard rain. ————- The analysts who reach too far out constantly have to revise and back track […]

The Trend is Your Friend…

The Trend is Your Friend…

The Trend is your friend… until it comes to an end… There are many half-truths in our business. Enough to drive you crazy. We have a core philosophy at eminiwizard.com that guides us. It helped us call for the 87 target as resistance pre market, and then we suggested off by 81 to 82 and […]

Riding the Rhythm

Riding the Rhythm

The market did it’s normal two step shuffle back and forth, and although the range was small, it did offer opportunities. Sometimes we need to be nimble, and other times we can just ride the rhythm. Small range days it makes more sense to catch a piece of the action, and usually it doesn’t make […]

Emini Resistance and Support

Emini Resistance and Support

Ho hum, boring day. Anyone who just glanced at yesterday’s closing price and today’s would conclude nothing happened. Flat. As a trader, we experienced a bit more, wouldn’t you agree? Note the heading of this blog, and the caption on the chart below. Subtleties exist in the market, and we must always discover them, because there […]

I support Resistance

I support Resistance

Two days ago we posted the 47 to 52 as resistance. “All off by 50” in the trade that jammed the late shorts. To play the game, we must know how the enemy thinks and acts. The “chump change” higher high or lower low is meant to trick and deceive us. A great example of […]

The Middle is the Middle

The Middle is the Middle

Wild day. That’s all I can say. This market is not for the faint of heart; nor anyone without seat belts or stop losses. How many ways can it trick us? More than I can tell you, that’s for sure. Selling highs, buying lows, that’s all I know. The odds are better there. What’s high? […]

Shakin’ hands

Shakin’ hands

In last night’s post we speculated that the weak hands were being shaken out by the Boyz; today’s action confirmed that opinion. The market has taken a nose dive of 50 points off last Friday’s high. Gotta love option expiration. “Bounces are for shorting” was our mantra, and the market never looked back after we […]

Round numbers

Round numbers

Someone recenty asked me for my current support and resistance. “Hard to say.” Can’t you be more specific? “Of course, I just don’t want to confuse you.” Try me. Ok, Round numbers, let’s call 825 as resistance, and 775 as support, with 800+/- being the middle. Intermediate support may be somewhere between “85 and 92”. […]

Emini to the Maxi

Emini to the Maxi

The early morning test of the weekly low held, and that was all she wrote for the short side other than intra-day range trading and scalps. Our system sell was 70 resistance, and we stood aside late day after the first attempt  as it became obvious the longs were trying to jam the shorts. As […]