Yesterday's 15 Minute Close Bar = Down @ 1309.
Yesterday's TREND = Down Trend
Yesterday's Power On Close = Weakness
Today's Open = Gap UP (8.5 points)
Result = Gap Test and reverse, then sells off to seal the gap, then reversal for the day off 9:30 peak low.
Today's TREND = Down Trend then Reversal midday, then back down
Today's 15 Minute Close Bar =Down@ 1309.00
Today's Power On Close = Weakness
Daily Volume = 1.88M below Average
Today's $TICK close = Down @ -214
Daily Market Bias = -1.714 Strong Bear
Solid trading oppurtunities today with lengthy trends and reversals that followed thru.The daily still show us in a downtrend with the lows@ 1305.00 being tested and holding, expect a bounce over the next few days before continuing to sell off. Unless specialist sell below this point overnight with blocks on up swings.
TRADE OF THE DAY
There were multiple trades of the day as we saw price fluctuate with good range. The Open Ice Breaker was good for 5 point total and started very early. The move was spotted by observing the 13,500 tick pre-open highs on Block volume and bearish divergence. From this we see selling at the highs which was the Daily R1 with an inevitable test of the 1311 pivot and cycle support area from Globex.
13,500 clip of Blocks in purple R1 red dots.
The Next TOD was very subtle to the untrained eye. We Peaked and reversed all within the 7:45-8:00 zone .(which usually signals early reversals) this was accompanied with Exhaustion on the 1500, Flush signal and cycle Resistance on the 1 minute. and SPX showed and EOT, but all the tick showed overshoots!! Thye sell off was slow but steady thru the dead zone.
4500 7zone peak.
1500 7zone peak
1 minute 7zone peak
SPX.X 7zone.
Today i also want to include a 9 bar fade as a TOD to show how clues can be spotted at this time of day that may lead to the closing direction, in this case it was only good for 3 points.
What I could have done better is:
Be more aware of the INEVITABLE TARGET.
Pay close attention to the market when holding a position look for clues that may say exit, such as double bottoms etc.
INTANGIBLE OBSERVATION:
Daily market Bias should be re-evaluated after the 7 bar zone for Reversal potential. Look for mushroom and saucer on the 500 tick for early clues.
The larger the mushroom (meaning wider) and how long it takes to form, The larger the down move.
The larger the Saucer (wider) and longer it takes to form.The larger the up move.
Also look for Midday Bias using the same Market Bias tools (between 7&9zones) For REVERSAL clues!!
The larger the mushroom (meaning wider) and how long it takes to form, The larger the down move.
The larger the Saucer (wider) and longer it takes to form.The larger the up move.
Also look for Midday Bias using the same Market Bias tools (between 7&9zones) For REVERSAL clues!!
Question peaks within the 7zone.
Consider Fading the 9bar when we get CLUES around S/R.
Trend Changes and REVERSAL take time and always show as MUSHROOM TOPS and SAUCER BOTTOMS.
Look at 500 tick for early turns and ALWAYS include after market and pre-open curves, blocks S/R etc. Enter on 1st pullbacks after clear mushroom/saucer signs.
When Triangle appear Look for rounding Tops and bottoms to clue for direction. These signs can be subtle but appear very often in patterns
Look for divergence on 2nd cycle and EOT that has Exhaustion on the bars.
1500 tick look
