Yesterday, the market closed higher and above the high at $54.49 based on the March contract, which was the high of January 16th for the second time. Today, the market is trading back and forth across the unchanged level in a narrow range. If the day ends up with such a low range, then buying […]
The market is still trading between a near-term resistance zone and the support zone. The RSI readings have formed a pivot low above 38, and that sets the market into a trading range. I will still watch for the RSI to close below the trend line plotted along the RSI support points. If it does, […]
Yesterday, the market closed up and the RSI edged above 62, signaling upward trend status. However, the market this morning has paused within the resistance zone.
Looking at a Constant Volume Chart (CVB) bar chart set to 250 contracts along with the CQG SnapTrader, we can see that the market is moving sideways within the resistance […]
Strong start today led by technology. Yahoo! and Sun Microsystems gapped up at the opening. While the NASDAQ volume ratios are very strong, the NYSE ratios are not keeping up. It would be better if both markets were strong..
The late-morning RSI readings from the CQG Custom QuoteBoard, using 15-minute bars for the equity derivative […]
Currently, 81-percent of the 228 ETFs I track are showing a positive gain today. We can see that Internet oriented and Technology ETFs are the top ten performing ETFs for the day. Excel is linked to CQG for the data.
The daily bar chart of the 10-year T-note futures contract is holding above the support zone and today is another new low for the last four days. Notice the narrowness of today’s range so far. This indicates sellers are not coming out and generating pressure. If the market holds together today, then short covering may […]
Yesterday, the market rallied into the close and closed above the high at $54.49 based on the March contract, which was the high of January 16th. Today, the market is back below that level. Once a resistance level is broken, I watch to see how the price behaves at that level. Does it trade back […]
The market is still caught between a near-term resistance zone and the support zone. The RSI readings did form pivot low above 38, and that sets the market into a trading range. One thing I watch for is if the RSI closes below a trend line plotted along the RSI support points. If it does, […]
The market this morning is reversing following yesterday’s testing of the resistance level at $647.30. If the market closes down today, then the RSI will form a pivot high below 62, and confirm the trading range status.
Looking at a 5-minute bar chart along with the CQG SnapTrader, it appears that the first low of the […]
The market has caught an initial bid partly due to Texas instruments posting better than expected fourth quarter earnings. In addition, Texas Instruments was upgraded at Merrill Lynch.
The mid-morning RSI readings from the CQG Custom QuoteBoard, using 15-minute bars for the equity derivative products are indicating somewhat strong buying. All four, the E-mini S&P (EPH7), […]