Thursday, January 31, 2013

S&P Futures Update for Feb 1, 2012

All Trends are still UP. Keep the monthly chart in my last Blog post front and center - the upside breakout remains intact. The 1461-62 area is Support. The last 5 days is a Balance Area with no meaningful Excess at the highs. Short term Support is 1490 area, however keep in mind that this level has been probed several times - the more times we probe an area - it lowers the odds that it will continue to provide support. A break of 1490 targets 1481 and lower Gap at 1469.  References on the Upside - the next weekly high is 1508.75 and the next monthly high is 1519.50  . The employment report due out tomorrow should provide some volatility.

Sunday, January 27, 2013

S&P Futures Update for Jan 28, 2013

 
All trends Daily, Weekly and Monthly remain UP. The 1461.75 level on the monthly is now support. On Friday, the S&Ps came within 3 ticks of the 1500 level - that remains the upside focus. If there is to be a correction or short term pull back - it will occur from these levels.



The first sign of a correction will be price and value building below Friday's pull back low at 1494. Both Thursday and Friday show poor lows  - odds are that these get repaired this week. There is short-term support at the single prints - 1481.75. Price acceptance below 1481.75 targets the lower Gap at 1469.

Saturday, January 19, 2013

S&P Futures Update for Jan 22, 2013



The S&Ps continue to 1-timeframe higher on both a weekly and monthly basis. The all time highs made in Oct 2007 are within reach.  Let's go directly to the Daily Bar - 



Looking at the daily bars suggest that the trend is aging - the first clue is usually overlapping balance areas. Short term traders continue to push the market higher leaving poor structure behind. My focus for Tuesday is on the 2-Balance and whether the upside breakout level at 1469 will hold.  Lets look at the Profiles next:



 Fridays profile reveals several anomalies. Anomalies represent forcing action and are often revisited the following day. We also have a late day Spike - opening within the spike or higher is positive. Opening below the Spike is negative and targets Friday's low and the Gap. However, the two back to back poor lows and the prominent POC below lower the odds of upside continuation. Odds are that we test the breakout level again to see if buyers are still in control.