Elon: Answer...Wednesday’s candle tells us big money was interested in buying until the Yen surprise…a better than expected Unemployment report and more new jobs added may convince them to do what they started to do on Wednesday…also with so many stocks below their 30 DMA this market is technically oversold which increases the probability than value investors will become buyers…traders should be willing to take entry signals according to their rules.
10:35 am EDT - This has been a very volatitle fill the gap morning with VIX bouncing between 27.54 and 32.57 and the SPY between 122.08 and 118.81 and that is just the first 65 minutes of trading...
9:52 am EDT - Gap fades and fills as SPY makes new low...Euro up 80 pips...
BMO – ES +12.25 and NQ +19.00 futures are higher about 20 minutes before the open in pre-market trading and point to a higher open following a lower Unemployment rate of 9.1% as employers add 117,000 jobs which is better than the past two months which were also revised higher…volume is moderate for pre-market with more stocks quoting up than down…Financial stocks, XLF is up 13 cents on just 644,700 volume in pre-market…
10:35 am EDT - This has been a very volatitle fill the gap morning with VIX bouncing between 27.54 and 32.57 and the SPY between 122.08 and 118.81 and that is just the first 65 minutes of trading...
9:52 am EDT - Gap fades and fills as SPY makes new low...Euro up 80 pips...
BMO – ES +12.25 and NQ +19.00 futures are higher about 20 minutes before the open in pre-market trading and point to a higher open following a lower Unemployment rate of 9.1% as employers add 117,000 jobs which is better than the past two months which were also revised higher…volume is moderate for pre-market with more stocks quoting up than down…Financial stocks, XLF is up 13 cents on just 644,700 volume in pre-market…
TLT is down -1.29 and the Euro is up 77 pips in premarket trading…
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are quoting higher in pre-market trading…
PCLN +56.73 and CF +7.10 are gapping higher following earnings…
Earnings This Week
Monday Aug 1= CTRP, HLF, HUM, SOHU
Tuesday Aug 2 = CTSH, EXPD, HSIC, SIRI, COH, FWLT
Wednesday Aug 3 = ATVI, CMCSA, AGU, ATW, ENTR, ICE, WLT
Thursday Aug 4 = DTV, FSLR, GRMN, PCLN, ANR, CF, GM, SINA
Friday Aug 5 = WCRX, WTWDave’s Insight for Friday: Follow your rules for entries this morning for bullish and bearish trades…With the long tail hammer on Wednesday and better than expected unemployment report today and a market that is technically oversold, big money may now be ready to step back in and take advantage of the lower prices that have been created over the past two weeks…A good technical trader will stay objective and trade each chart according to your rules…Watch XLF which is still a key factor in any SPX move up or down…
SPX
Resistance: 1,225, 1,235, 1,249
Support: 1,200, 1,173, 1,160Quoting Down – WTW, TLT, FAZ, NGLS, SWK, SWN, FSLR, SHLD, VRSN, SRCL, DTV, CHKP, ADP, INFY
Quoting Up – PCLN, CF, GOOG, ISRG, NFLX, AAPL, AMZN, WYNN, BIDU, KLAC, CMG, DECK, CRM, SINA, WLT, CAT, FFIV, VMW, MHS, CLF, URE, SOHU, SLB, GMCR, HLF, DE, GS, SNDK, MCP, UNP, ATI, FCX, FWLT, MOS, ANR, POT, TBT, X, INFA, LVS, CROX,DOWN, UCO, ANF, SWKS, CRUS, CSTR, ZAGG, CY, PCX, RVBD, NKE, STI, UAL, SLW, ALTR, CTRP, FFIV, XLNX, BIDU, COST, DLTR, BMC, WFM, CTXS, ESRX, QGEN, JOYG, CTSH, EBAY
4 comments:
Good morning Coach,
With the good Employment Situation, Is it a possible bounce area or are we still in free fall because we lost the 1220 support area yesterday?
So next target and support @ 1175 area.
Dave, If a good technical trader will stay objective and trade each chart according to their rules, what does a darn good lookin' great trader do? See you at the money show next week! JD
Thank you Coach,
I never work on a market that violent. It is to fast...
My naked bounce entry was doing ok on the hammer day, but yesterday I was hammered.
I reentry some positions today and I also see some oversold stocks.
Now it is time to see if my rules are working and reentry.
Thank you again...
Dave,
It is great to see your intraday posts. I always value for your guidance. Thank you.
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