Intraday Commentary – 5/27/10
Time posted: 10:19am UTC
Overnight trading ran the index back up to the resistance band. A break of 1091 should have us seeing a break of 1100 and break to the south of 1080 pulls us down to 1075 then 1070.75 if it continues.
3 of my lakes are rising which indicates a strong bull move but we have to wait for our setups plus, the trend can change before then so be patient.
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We cleared 1091 and hit res in the 1095 area as expected. Hoping for a slight pullback prior to a push to the 1100-1103 area…if the uptrend holds. All indicators are CURRENTLY stating that it will. I wouldn’t mind seeing the Huron change to falling and then back to rising as that would strengthen the likelihood of my target being hit. Let’s see
Huron is now falling. Let’s see if changes to rising again before we have a longer trend change
Remember that we are still officially, by my standards, in a downtrend and these moves up are still only seen as a corrective bounce that we are capturing pieces of…
The Huron is now rising so we are looking for trade triggers with 1100-1103 being the ultimate target but 1196.5 and 1198.5 being points of resistance and profit taking targets if we stall and become uncomfortable with the strength of the push upward
The Huron is falling so be careful as we are chopping and need and outright break to gain directionality.
Let’s see if the 1087.5-1085.25 support holds
A break through that level should see a move down to at least 1082
Just short of the 1098.5 target as we hit 1198.25 and are pulling back. Let’s see what the next thrust, if any will do about the 1100-1103 target range. If in, be mindful of the last hour effect and trail by what you are willing to give back
We hit the 1100-1103 target. Tough trading day with a few but profitable trades. Most of the run up happened overnight but we caught some of it. I’ll update trades shortly
It may go higher but I would get out at the top – 1103 or trail really tight