Intraday Commentary – 5/26/10
Time posted: 9:42am UTC
Overnight price movement was fairly quiet as we continue to see some upside movement. However, as of now, the indicators are pointing to this as a corrective swing to a downtrend from a longer term perspective. My short-term indicators are saying long side and that’s what we will be looking to trade unless and until my indicators say otherwise. A move to and then a pullback from target area of 1087.75 – 1090 will have us looking for long entry points.
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A downside correction to the 1074 – 1075 area will also have me looking for long side triggers if it begins to climb again from there
The ES is haping up for a higher correction to the upside. Looking at1192.25, 1102.50 and 1109.25 as targets if we continue to either push higher or correct within this analysis band and push higher
Let’s see if we go to and can hold the support band around 1073.75 -1074.5. If not and we break 1073, look for 1065.5 as the downside target
Because Victoria is falling on my Market Direction Index, I’m therefore only looking for short triggers until/if it starts to rise again. No triggers yet…
Decision point around 1084.50. Are we heading up to 1087-189 range or down to 1074.5? It’s lunch so be careful of chop
typo is previous post… meant 1087-1089 range
We got down to the 1074 target . Let’s see if we correct a bit and resume the downtrend or if the bulls will push it up in the last hour as we’ve seen them do. Trade lightly
We broke the 1073 as discussed earlier and hit the 1065.5 target. If we continue down, look for 1059 then 1050
Way to end the day…18 profit points. This is really an incredibly accurate trading system and I’ll continue to refine it.
1059 was hit after 16:30