Trading the SPX

[User]

Now now lets not get excited with the upside.

 

[roguetrader]

Now now lets not get excited with the upside.

No excitment, just the completion of the expanding range,
That said SOX now showing relative weakness and at support here, break could take everything lower

 

[roguetrader]

Volume comparisons on the NYSE and Nasdaq, can only take it back to 29th Ma on one chart without distorting the view

 

[jonnyy40]

Greenspan speaks about energy at 12:20PM ET

 

[kevinmcm]

US events:

I have none listed for Friday 20/05/05

The DAX and FTSE look heavy at this time and US futes are inline with that displaying a likely-hood of a retrace today.

I would agree with that. I have FTSE topped here, DAX likley to do the same. US is IMO approaching the same state. So looking for a few days down on them all starting today or Monday. Possible that DOW sneaks a little higher than yesterdays HOD, regardless it is finishing this move for now.

 

[kevinmcm]

Yes, I did omit that this firday is the usual options expirations, however, this is not a news event per se this is a mechanism via exchange.

Thats right, look at last months for an example of the opposite market action to this weeks lead into expiry.

Big pushes (like the last few days) or drops lead to trading ops. As always its down to patience and not rushing in.

 

[roguetrader]

Just got in, had some errands to run this afternoon, looks like a little pullback under way. What is the local time with you Joules when the mrkts open?

 

[roguetrader]

Midday volume look shows us trading behind yesterdays pace so far in both markets, a low volume pullback unfolding.

 

[roguetrader]

Hi, RT.

Refer to your clock above and the time here now is 2.00 am the US opens 11.30pm AEST

Thanks again for the Vol graphs too.

Hi Joules, you're welcome on the charts. Traded from Thailand for a little while was a 8pm or 9pm start depending on the time of year. found it a bit of a pain trading in the evenings. Not so bad here in UK as the mkt wraps up for 9pm

 

[roguetrader]

Total volume coming in quite a bit lighter than yesterday. About 7% lower NYSE and about 11% Nasdaq

 

[Racer]

Good thread Joules, thank you for your posts

 

[roguetrader]

Total volume figures mixed at 11am with NYSE running behind Friday pace and Nasdaq slightly ahead

 

[roguetrader]

Hi Joules,hope ya had a good weekend.
Market seems a little confused here, big run up last week and now not really sure whether it should be up here or not

 

[roguetrader]

What do you mean when you say.........

resolve this to the upside

I would be referring to an upside breakout if I said that, new highs.

 

[jonnyy40]

lots of up?

 

[roguetrader]

Yes, I am doing the ambiguous tech talk.

I am seeing a pattern that calls for an upside termination at or slightly higher than 1194.0 at which point a retace of the whole 1146 upwards move is likely to get corrected.

Ok am on the same page now.

 

[kevinmcm]

Yes, I am doing the ambiguous tech talk.

I am seeing a pattern that calls for an upside termination at or slightly higher than 1194.0 at which point a retace of the whole 1146 upwards move is likely to get corrected.

So am I but starting to lose the plot on FTSE, though it did throw me some hope with todays action. Saw 20th as the turn down and today has nobbled it for me in some ways. If we open much higher than todays HOD then I start to worry. US action seems to be lagging my FTSE/DAX setup by a day. Otherwise, patience and trsuting in what has worked before should see it come good, just taking a little longer than I saw it taking.

 

[roguetrader]

Amazing how sometimes the hardest thing to do is nothing !

One of the first skills a trader should learn, how to just sit and watch.

 

[neil]

Very true

There is a clear sign that I wasnt sure what was happening and this is amplified by the need or feeling of the need to do SOMETHING (anything).

The best thing to do is to get away from the screen and think on the action and review the pattern. A return to the screen and the pattern has moved on.

One thing I have practised and am slowly perfecting for my own account is that being wrong is okay provided I am straight onto the next analysis. I said at the start of the session this was going to be an interesting session and this is true.

Whole heartedly agree with that comment.

 

[roguetrader]

Total volume on NYSE came in fractionally less that Friday and not worth calculating, Nasdaq volume came in about 7% higher than Friday