Posted by varmercur on 28th of Oct 2014 at 04:06 pm
Matt/Steve,
could you please comment on the S&P/ES development today?
The S&P closed more than 7 points above the 1973 pivot and also
above the R2 level today. Tomorrows FOMC will be important of
course - but what to think of this?
My comments are to continue to raise stops...no change in trend.
Yesterday's inside day (consolidation) allowed for more
objective setups which were added last night. As stated
above, the market morphed into a continuation triangle yesterday
and moved higher. We respect the trend until evidence changes.
There is likely to be an oscillation down soon and then we'll
see the nature and extent of any such pullback. The market
has a tendency to rally into the FOMC and that has been true this
time around.
S&P/ES comment
Posted by varmercur on 28th of Oct 2014 at 04:06 pm
Matt/Steve,
could you please comment on the S&P/ES development today? The S&P closed more than 7 points above the 1973 pivot and also above the R2 level today. Tomorrows FOMC will be important of course - but what to think of this?
Your input would be much appreciated :)
My comments are to continue
Posted by steve on 28th of Oct 2014 at 04:07 pm
My comments are to continue to raise stops...no change in trend. Yesterday's inside day (consolidation) allowed for more objective setups which were added last night. As stated above, the market morphed into a continuation triangle yesterday and moved higher. We respect the trend until evidence changes. There is likely to be an oscillation down soon and then we'll see the nature and extent of any such pullback. The market has a tendency to rally into the FOMC and that has been true this time around.
Epic short squeeze
Posted by windyjazz on 28th of Oct 2014 at 04:14 pm
the amazing thing was watching all the stops above 1980 being hit which is the "top" of the 1973 pivot and pumping a extra 5 points