Thursday, March 19, 2009
Futures Pointing to a Higher Open...
3:15 am ET - SPX hits 803 and fall to 783...with 45 minutes to go in trading the daily candle is not fully formed...right now it is looking like a dark cloud cover...not a big retracement today considering the 140 point rally of the past eight trading days...DE, FWLT, DECK and WHR still positive on the day all others in our At the Open watchlist are down including SPY...we'll see if we get the measuring distance on the Wed/Thur intraday double top...at support break at 786...so far SPX is just consolidating at this price range...
10:25 am ET - SPY fills the gap and finds support at 79.25...watch the early high and low as intra-day support and resistance or trading range...the break above or below is likely the follow through direction this morning...At the Open on Thursday Stocks DE, FWLT, DECK, WHR, ADS and BDK in positive territory...
9:45 am ET - SPY gaps higher and begins to pull back and fill the gap...stay with the short term trend until it ends...watch the potential intraday double tope between Wednesday's high and Thursday's gap open...watch for a potential break of the support low at 78.90 on the SPY...
BMO - ES + 7 and NQ +6 futures are higher in pre-market trading and pointing to a higher open in the cash markets. Looks like the rally of the past seven trading days will continue at least at the open...
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Dave...It's now 12:45 market time and the SPY has not broken either way yet. Your post was very helpful today because of the nuance. I had thought the breaking of the double top (or M pattern) would be when the SPY breaks 79.25 because there was a lot of 5 min closes there. But your post said the figure was 78.90. That got me to re examine why I thought that 79.25 was the breaking point. Now I see that it was the lowest point between the double tops even though it was yesterday. This is a good example of how the exact info on this post is teaching me to trade better. I'm not consistently profitable yet in my trading even though I'm very close. This gives me a lot of clarity. Any other thoughts on the subject of crossing the line to "consistently profitable " from anyone? thanks......
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