Posts by Rod David
Post-market Wrap (recording & summary)
What took a half-day to accomplish was erased within a half-hour.
Actually, it only took an hour — not counting the choppy morning bias environment. It started lapsing at 2054.00 where the session had opened. And it started trending until fulfilling all the upside potential to within 1 tick of 2060.00.
The last half-hour retraced it all back to 2054.00 within 3 minutes of the cash session close. The next 15 minutes extended down through the morning’s 2050.75 post-open low, attacking the 2049.00 overnight low to within 2 ticks.
The late plunge was spectacular, but otherwise meaningless. On a normal day, suddenly moving so steeply would be irrelevant, especially if only back within the range. Thursday is already holiday-shortened, and its morning low wasn’t probed until after the cash session close.
None of which requires this week’s trending to resume next week. But starting the week by reacting down would have a better chance at recovering. Meanwhile…
Have a wonderful holiday weekend — see you Sunday night!
Details and other markets coverage are discussed in the post-market Wrap recording here:
https://roddavid10.mitel-nhwc.com/join/zvvwmws
Look ahead: Economic Calendar – for Fri, Dec 25, 2015
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Markets closed for Christmas. Ho-ho-ho!
Globex re-opens Sunday 6:00 PM ET
Pre-close View… Slow drift.
Morning consolidation resolving up. While it still can.
This morning’s reaction down from 2057.00 to 2051.00 ended the bias environment ranging narrowly around the 2054.00 open. Now the market is re-focused on the business at hand as the early close looms.
Volume is evaporating, so no counter-trend sponsorship is stirring, all through the house. Yesterday’s overbought RSIs are now neutralized. The 2058.00-2060.00 objective has been pierced.
There is no afternoon bias parameter or signal. We will conduct a brief post-market Wrap. If I don’t see you there, have a wonderful holiday weekend — the chaRTroom will re-open Sunday night for Globex.
Post-open Review… Settling in.
Opening surge hits resistance, crawls back into its hole.
The pre-open pattern that I described during the Tour had formed a setup which could surge immediately. And it did, from 2053.75 to 2057.25.
Yesterday’s cash session close equates to 2057.00. Its obligatory resistance was enough to end the surge. Its reaction down fell back into the pre-open pattern’s range. And then through it to 2050.75.
Bouncing back up to 2054.75 was retraced to 2052.00. Probing beyond either end is possible, but not required. And trending is unlikely to begin this far past the open with an early close looming.
[NOTE: There is no Afternoon Bias.]
Pre-market Tour (recording & summary)
The more reliably profitable strategies for such a low-volume session require patience for the market to probe the range’s extremes. A pre-open formation may have formed a pattern that would point higher through the open. So, I might give that a benefit of the doubt for getting to the range’s upper-extreme. A benefit of the doubt, and a tight trailing stop.
Details and other markets coverage are discussed in the pre-market Tour recording here:
https://roddavid10.mitel-nhwc.com/join/tyfxhhz