Thursday - the market explored lower - below the Spike - got too short which resulted in an afternoon rally upto the 1356 level. The first sign of change will be price acceptance above this level. Yesterday also delivered a Poor Low and a very Prominent POC - which has good odds of being revisited. Coming into this morning - overnight inventory is almost all short, however Value is unchanged. I will be watching the 1360-62 area for resistance. Below us we have the Overnight Low and 1342 area which is a key weekly/monthly reference. The order in which things occur this morning are important. If we explore higher - without first visiting the prominent POC - odds are that we return to it later in the afternoon. Overall the market is quite short which doesn't mean we have to rally, however be alert to the possibility of short covering.
TRADING E-MINI S&P FUTURES USING MARKET PROFILE. GET DAY TRADING STRATEGIES AND UPDATES PRIOR TO THE OPEN, AND KEY SHORT TERM MARKET OPPORTUNITIES. DISCLAIMER: Any materials and information you obtain at this website is exclusively for educational purposes. You further acknowledge that any trading or investment decisions you make are totally your own and it is further understood and agreed that the author Atul Malhotra is not liable for any damages or losses that you may incur.
Friday, November 16, 2012
S&P Futures Update for Nov 16, 2012
Thursday - the market explored lower - below the Spike - got too short which resulted in an afternoon rally upto the 1356 level. The first sign of change will be price acceptance above this level. Yesterday also delivered a Poor Low and a very Prominent POC - which has good odds of being revisited. Coming into this morning - overnight inventory is almost all short, however Value is unchanged. I will be watching the 1360-62 area for resistance. Below us we have the Overnight Low and 1342 area which is a key weekly/monthly reference. The order in which things occur this morning are important. If we explore higher - without first visiting the prominent POC - odds are that we return to it later in the afternoon. Overall the market is quite short which doesn't mean we have to rally, however be alert to the possibility of short covering.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment