posted 9.27 a.m. est Pre-open Thursday 3rd September The poc at 994.5 developed over seven weeks so it’s significant.  It’s the level where most market participants have found a fair price or “value” over that time period.  Over the last four days the Significant Sellers have been active and successfully auctioned price back to value […]

posted 9.28 a.m. est Pre-open Wednesday 2nd September Tuesday was the first Effective Selling day since the July low. Value Area was lower and wider on much higher volume than we’ve seen recently.  Tuesday’s total ES volume was 3,249,260 compared to a 10day ma of volume of 1,994,613.  (Nyse saw nearly five times more declining […]

posted 9.27 a.m. est Pre-open Tuesday 1st September Monday’s Value Area was lower and narrower on slightly increased volume. The whole day was spent below 1026.5.  Imbalances over the last six trading days now equal out at three instances of Significant Buying and three of Significant Selling.  Interestingly, all six imbalances represent Ineffective activity; typical […]

posted 9.00 a.m. est Pre-open Monday 31st August Last week I marked three instances of Significant Selling and two instances of Significant Buying so there is currently a lack of directional conviction with any move away from the current controlling price at 1026.5 attracting selling from above and buying from below.   As noted on Tuesday, […]

On Wednesday thestreet.com featured an article by Doug Kass (hedge fund manager) who is calling a top. Kass: Market Has Likely Topped They ran a poll and as of today 69% readers say they agree with Kass. That sits very well with the sentiment seen in the AAII public poll this week where there are […]

posted 9.29 a.m. est Pre-open Friday 28th August Thursday turned out to be an outside day as the Buyers turned the early sell-off around and auctioned ES back up above Wednesday’s day session high.  The low of the day did little more than probe briefly down into the high of the consolidation that began earlier […]

posted 10.29 a.m. est Post-open Thursday 27th August I was ready to post before the open as usual but not happy to do so. Market action was such that I delayed. After the open today QQQQ trades back below its Major 1/2 level (40.06). This is significant. ES range for the week has expanded lower […]

This week’s the Investors Intelligence poll shows that newsletter writers are very bullish.   Bulls at 51.6% is the highest %Bulls since early January 2008 and Bears were down to 19.8%, the lowest reading since the market top in October 2007. Yesterday my Rydex Assets Ratio was back up to 2.7 which is very high.  Noting […]

posted 9.29 a.m. est Pre-open Wednesday 26th August Tuesday’s First Level S/R at 1023 proved support overnight and again pre-open today ES has printed as low as 1022.50.  Early in Tuesday’s session a probe above Monday’s high brought a further response (red at top) from the Significant Sellers – so price above 1035 is currently […]

posted 9.26 a.m. est Pre-open Tuesday 25th August I marked Responsive Selling on Monday (red at top). The Value Area was overlapping/higher, wider and Monday’s day session low only managed a probe down into Friday’s poc – so this is not Effective Selling.  This looks more like Buyers Resting forcing a response from the Sellers.  […]