I've found the 200MA to be a good visual tool in analyzing short term movements. If it stays above the 200 MA on the 1-minute chart at about 15:40 the it will rally into the close. For the past 10 minutes or so markets has hugged the 200 MA I am looking to go long into the close - a high probability trade when the market consoliates near the high of day.
I doubt the ES has enough strength to make it. Still can't take out 1st resistance. Any rally will be beat down later tonight after the failed senate vote.
senate vote will pass. because only 1/3 of the senators are up for re-election. saw analyst on TV, he said, the biggest reason the house vote did not pass is because representatives in close races could not afford to get voters upset so close to election.
today was a shitty shitty day. lots or reversals and too much chop. I guess there was a lot of anticipation about this bailout. no one could quite make up their freakin minds.
friday will show significant weakness on the employment side.. sometimes the market will ignore the bad news its a known factor, the degree of bad news if ignored means the market is heavily weighted on the short side, and susceptible to a pop up before resuming its macro inclinations.
thats because i didn't trade the morning. nice PA in the morning after that W reversal and following support lines.
I agree, I got reamed by the 12:00 surge, lost track of my analysis and saw Spectre's "Buy Buy Buy" post. Got emotional and sold at the very top. I then went long when it fell to 1158 for the first time and a minute later it jumped 10pts. Sold and backed off from this crazy, crazy market. At least this unexpected gain cut my losses a bit (played with half a position). I was tempted to short the 68 and buy the 58, and had I had real-time charts and time, I would have made good money, since it ranged there for a while. Anyhoo, what I'm worried is that if this volatility keeps up, the CBOE won't allow margins on minis anymore