S&P 500 & other indexes - intraday. Plus chat

Pat494 said:
I think I understand.
I expect you are looking for the reversal too ?
Click to expand...

See annotated attachment. I would have watched for signs of a reversal, saw none and then left alone today.
 

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With its twin turboprops roaring, our 40–seat plane begins its descent to Dawson City Airport and clouds give way to reveal the Klondike gold fields, a pockmarked heritage landscape in the Yukon, scarred by more than 100 years of mining. At the close of the 19th century, this is where a stampede of desperate men from all walks of life raced to stake claims and toil in their pursuit of gold. Today the precious yellow mineral's soaring price has made Dawson City, a small community of 1,800 in Canada's sub-Arctic north–west, a boom town again. As it did in 1897, Dawson is luring all sorts, from the well–heeled to hoi polloi, each with a craving for adventure and emboldened by dreams of walking away a richer man. It has lured me, too. I'm out of shape and out of dough – my small-town newspaper salary having failed to erase $10,000 of debt – and a season of mining sounds like the perfect way to climb out of the red.


While today's scene bears little resemblance to the famous black–and–white photos of bedraggled men hand-digging mine shafts or panning creeks for nuggets, the backcountry crawls with a new breed of prospector and claim–staker – the former searching for the mother lode, the latter hoarding as much land as possible, often for unknown paymasters looking to cash in.


For the next four months, Schmidt Mining Corp's Quartz Creek camp, tucked in the Indian River valley about 30 miles south-east of Dawson City, is where I'll live and work. Not part of the new wave of the Yukon's current exploration boom, Schmidt Mining has forged a presence in the region for years, claiming its gold the oldfashioned way, by washing it out of the dirt.


Thankfully, I only have to fly in from Whitehorse, Yukon's capital. My antecedents risked it all, traversing mountain passes on foot and sailing down the Yukon river in makeshift boats to reach the Klondike. Most failed to make their fortune and returned home penniless, an unfortunate few perished, and those who made it helped build Dawson City, which today is still the hub for the various outfits that comb the territory each summer for what gold remains.


Dawson is now a tourist trap of restored wooden buildings and costumed interpreters selling gold–rush fever to tourists in Bermuda shorts, but the real action takes place where it always has: in the bush. The wilderness – most of it government owned Crown Land – is a mountainous region shrouded by coniferous forest, dotted by aspen and birch trees, which combine with moss and muskeg to form a near-impenetrable, mosquito-ridden jungle in the summer months. Miners and prospectors must share the space with an abundance of wildlife that includes moose, black and brown bears, wolves, coyotes, lynx, ravens, eagles and trumpeter swans.

They do say history repeats itself. Perhaps one should be selling shovels to the new gold rushers ?
 
Happy birthday DT!

Been too busy to post this week. But on Tuesday I made one trade that can only be described as stupid, got stopped out at the high of the day basically. Today I made the loss back plus a couple of ticks but closed way too early... normally I'm very patient and let my winners run. I guess yesterday's mistake shook my confidence (it was a really bad trade). No charts for now, just got home and too tired!
 
1:00am JPY Housing Starts y/y 10.3% 3.3% 5.0%
1:45am CHF GDP q/q 0.7% 0.0% 0.5%
2:00am EUR German Retail Sales m/m 0.6% 0.1% 1.6%
2:00am GBP Nationwide HPI m/m 0.3% 0.1% -0.3%
2:45am EUR French Consumer Spending m/m 0.6% 0.3% -2.6%
3:00am EUR ECB President Draghi Speaks
3:55am EUR German Unemployment Change 0K -6K 18K
4:00am CHF Gov Board Member Danthine Speaks
5:00am EUR CPI Flash Estimate y/y 2.5% 2.6%
5:00am EUR Italian Prelim CPI m/m 0.1% 0.5%
7:30am USD Challenger Job Cuts y/y 11.2%
8:00am USD FOMC Member Pianalto Speaks
8:15am USD ADP Non-Farm Employment Change 145K 119K
8:30am CAD Current Account -11.0B -10.3B
8:30am USD Prelim GDP q/q 1.9% 2.2%
8:30am USD Unemployment Claims 369K 370K
8:30am USD Prelim GDP Price Index q/q 1.5% 1.5%
9:45am USD Chicago PMI 56.7 56.2
All Day EUR Irish Stability Treaty Vote
10:30am USD Natural Gas Storage 75B 77B
11:00am USD Crude Oil Inventories 0.2M 0.9M
6:45pm NZD Overseas Trade Index q/q -2.8% -1.4%
7:30pm AUD AIG Manufacturing Index 43.9
7:50pm JPY Capital Spending q/y 1.3% 7.6%
9:00pm CNY Manufacturing PMI 52.1 53.3
9:00pm NZD ANZ Commodity Prices m/m -4.5%
10:30pm CNY HSBC Final Manufacturing PMI 48.7
 
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(AGI) Rome - After the proposal to exit the Euro, Grillo now launches another shocking proposal to nationalize Italian banks. The proposal was posted by Grillo, the leader of the 'Movimento 5 Stelle' on his blog. In a post dominated by the poster picture of the film "Lassie Come Home" and the pictures of Mario Draghi, Angela Merkel and Mario Monti, Grillo writes that "the Italian State lends our money, through the ECB, to its own banks at an interest rate of 1%. The banks purchase BTPs from the Government at an interest rate of 5/6%. One out of 4 Euros paid in taxes goes to pay interest on our debt. We can therefore say that this revolving smoke screen is used to finance banks through tax revenue. Maybe - he concludes - we should nationalize them

He just might have a point
 
I'm gonna start putting my pre-market analysis here. I will play off similar levels to Rob but I also look for longer term picture which helps me hold a trade.

Market has been balancing in the 1305-1334 area for a number of days.
VAL – 1312, VAH – 1325.

Look for longs @ 1309.50, 1304 = although this move may already be under way
Look for shorts @ 1326.75, 1331.25

Obviously, with all the news, we could easily go back into price discovery mode.
 
DionysusToast said:
I'm gonna start putting my pre-market analysis here. I will play off similar levels to Rob but I also look for longer term picture which helps me hold a trade.

Market has been balancing in the 1305-1334 area for a number of days.
VAL – 1312, VAH – 1325.

Look for longs @ 1309.50, 1304 = although this move may already be under way
Look for shorts @ 1326.75, 1331.25

Obviously, with all the news, we could easily go back into price discovery mode.
Click to expand...

Looks about right to me too DT
 
I am going to chance my analytical powers with a 1 hour graph today
 

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A 10 minute chart may give a better insight.
 

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Good luck today chaps. Cursory look at stuff not covered:

NVPOC at 1331.50 so additional confluence for short play up here

Buying tail/ledge up to 1306.25 in overnight market. If it tests down here for a long entry, would watch T&S carefully. Next NVPOC below here is at 1300 which is also a psych level.
 
If nobody took the short entry on offer between 14:32 and 14:36, then you are very, very silly.

Target was gap close but by the looks of it, it's now testing the ONL, so cover and a possible long on offer
 
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