Inside day for the Russell & 2nd day of selling into
breakout attempts (almost 50% retrace yesterday and over 50%
today). If price can't bust through those wicks with energy, be
ready for a deeper retracement.
That will depend on your timeframe and what setups/triggers you
use, as well as what kind of trading is in play at the time. Today
was highly responsive trading (technical levels were being used as
targets, etc.: heck, 3 ABC's of decent size completed to at least
76% quickly -- and all went beyond 100% shortly thereafter before
reversing -- in the first 90 minutes alone. That's not always the
case, but if it is when you see your setup & trigger, you have
to be mindful of the key levels in play as targets. I'll try to
post what I see tomorrow or whenever things get interesting.
Thanks. You were referring to closing the gap formed by August
lows on daily charts at the resistance yesterday and today. I
expect a move of green to red on Friday in the premarket based on
job numbers.
H&S played out at the bottom & top of today's action in
the Russell. Back-to-back dojis create a very wide range before
there's a breakout - basically 1175-1195 are the edges of T &
W's selling off highs & today's buying off the low. That could
create big fakeouts on the jobs number tomorrow. As Art Cashin
always says, 'be nimble.'
And the Russell has traversed the whole range of 1175-1195,
stopping just above the low and just above the high. No breakout
yet, but another strong buying tail on the day so far, with a
smaller selling tail.
Inside day for the Russell
Posted by a_l_ on 4th of Nov 2015 at 06:51 pm
Inside day for the Russell & 2nd day of selling into breakout attempts (almost 50% retrace yesterday and over 50% today). If price can't bust through those wicks with energy, be ready for a deeper retracement.
Thanks! What's a good sell
Posted by junkie on 4th of Nov 2015 at 07:51 pm
Thanks! What's a good sell level for the Russell cash index?
That will depend on your
Posted by a_l_ on 4th of Nov 2015 at 09:18 pm
That will depend on your timeframe and what setups/triggers you use, as well as what kind of trading is in play at the time. Today was highly responsive trading (technical levels were being used as targets, etc.: heck, 3 ABC's of decent size completed to at least 76% quickly -- and all went beyond 100% shortly thereafter before reversing -- in the first 90 minutes alone. That's not always the case, but if it is when you see your setup & trigger, you have to be mindful of the key levels in play as targets. I'll try to post what I see tomorrow or whenever things get interesting.
Thanks. You were referring to
Posted by junkie on 4th of Nov 2015 at 11:27 pm
Thanks. You were referring to closing the gap formed by August lows on daily charts at the resistance yesterday and today. I expect a move of green to red on Friday in the premarket based on job numbers.
If things get going, there
Posted by a_l_ on 5th of Nov 2015 at 09:22 am
If things get going, there are now 4 open gaps between here and 1111 on TF
Russell starting to lead down.
Posted by a_l_ on 5th of Nov 2015 at 10:33 am
Russell starting to lead down. Trying to bounce off W-R1 here; daily S2 at 1174.
S2 RUT (cash) right here.
Posted by a_l_ on 5th of Nov 2015 at 10:53 am
S2 RUT (cash) right here. Holds or not gives you the rest of the morning.
TF held with I-H&S on
Posted by a_l_ on 5th of Nov 2015 at 11:20 am
TF held with I-H&S on 2m
H&S played out at the
Posted by a_l_ on 5th of Nov 2015 at 04:17 pm
H&S played out at the bottom & top of today's action in the Russell. Back-to-back dojis create a very wide range before there's a breakout - basically 1175-1195 are the edges of T & W's selling off highs & today's buying off the low. That could create big fakeouts on the jobs number tomorrow. As Art Cashin always says, 'be nimble.'
And the Russell has traversed
Posted by a_l_ on 6th of Nov 2015 at 02:51 pm
And the Russell has traversed the whole range of 1175-1195, stopping just above the low and just above the high. No breakout yet, but another strong buying tail on the day so far, with a smaller selling tail.
Yes, a pretty good day
Posted by puma on 6th of Nov 2015 at 04:03 pm
Yes, a pretty good day for the RUT. Since it asserted itself, the 9 EMA has become support on the RUT, just like the SPY and the Qs.
A great weekend to all!
hopefully they will give a bounce into 1195 tomorrow for a short entry
Posted by junkie on 5th of Nov 2015 at 07:09 pm
$rut went below yesterday's low and reversed:
http://stockcharts.com/h-sc/ui?s=$RUT&p=D&b=5&g=0&id=p50512169714&a=355229187
I reckon that 1194-1996 area would be a good area to place a short with a very tight stop above Tuesday's high at 1196.56 .
Ha, I just looked and
Posted by a_l_ on 5th of Nov 2015 at 04:20 pm
Ha, I just looked and Art's close this morning was, "Stay wary, alert and very, very nimble."
Ha -- I'm with you
Posted by puma on 5th of Nov 2015 at 04:22 pm
Ha -- I'm with you and Art -- staying very, very nimble. Got to go to they gym now and do my stretching. Don't want to pull any muscles while trading
Not a bad approach.
Posted by a_l_ on 5th of Nov 2015 at 04:25 pm
Not a bad approach.