posted 9.28 a.m. edt Pre-open comment Monday 22nd August   Longframe: The Chartprofit MarketTiming System remains negative for all major Market Charts but the %Stocks>50dyma indicator for both Nyse and Nasdaq is still extremely low (below 10) deep in oversold territory.  Friday’s session generated an overlapping, wider Value Area but once again I did not mark […]

posted 9.50 a.m. edt Post-open comment Friday 19th August   Looking at the LT analysis the Market Timing System has been negative for weeks and the Weekly Structure analysis is also negative as discussed in this week’s webcast but unfortunately the dayframe analysis did not mark Selling activity earlier this week which would have helped anticipate […]

posted 5.05 a.m. edt Pre-open comment Thursday 18th August   A probe above the 8dyVAH at 1199 was rejected early in Wednesday’s session.   An overlapping VA was generated and the 20dy poc migrated lower from 1196 to 1183. No Selling imbalance was marked. If Significant Selling is marked below 1178 we would have the LT and […]

posted 9.28 a.m. edt Pre-open comment Wednesday 17th August   Back from vacation – review: The Major poc at 1094 was tested overnight on Tues 9th August but held during the day sessions.  Aggressive Buying was marked twice last week and Responsive Buying once.  Currently ES probing the 8dyVAH at 1199. Not surprisingly the Chartprofit MarketTiming […]

I’m on vacation as you know but checked a few levels this morning. ES: On Tuesday ES briefly tested the major poc at 1094 but recovered quickly. SPY: Halfway point between the 2007 high and the 2008 low is 112.31.  SPY tested that level earlier in the week but has recovered back above it. I […]

posted 9.21 a.m. edt Pre-open comment Friday 5th August   Aggressive Selling was marked again on Thursday with ES down hard; almost to 1178 which is a previous poc.  In the context of the recent decline this would be considered Minor Support but if there are Buyers willing to Respond this would be an obvious level.  […]

posted 9.27 a.m. edt Pre-open comment Thursday 4th August   Tuesday’s red-at-bottom low was tested on Wednesday and for the first time in nine days I marked Significant Buyers – Responding as the March low was tested.  As noted already, what’s different between now and the March low is the lack of any obvious extreme in […]

posted 9.28 a.m. edt Pre-open comment Wednesday 3rd August   Aggressive Selling marked again on Tuesday.  These red-at-bottom lows are usually tested within one or two days. Technically, the market is reaching oversold, e.g. the SPX RSI(14) recorded its lowest level in more than a year as the SP500 tested its June low.  But, note that […]

posted 9.29 a.m. edt Pre-open comment Tuesday 2nd August   Monday pre-open there was a rejeceted price probe above the major poc at 1308; also SPY was rejected above 131.23.  This was followed by Sellers Responding (red-at-top) immediately the session opened.  Pre-open today ES has probed as low as 1266.  Dayframe: repeated comment from yesterday = […]

posted 9.27 a.m. edt Pre-open comment Monday 1st August   Longframe: Chartprofit Market Timing System remained negative.  %Stocks>50dyma below 50% for all major charts.  Breadth is not supportive.  Weekly Structure is weak. Six days ago there was a rejected probe above the LT VAH at 1343 (currently still at this level) and on Friday there was […]