Thursday, February 11, 2010

Market Notes, Feb 11, 2010


Read Full Post.....

Overnight bias was bearish, so it was appropriate to look for a short at least in the first half hour of RTH.

Resistance 1064, 1069.5, 1076
Support 1058, 1056, 1053, 1041

Euro fell heavily overnight, so that should act as a drag on the markets. Right now, that bounce at 1058 is bringing in a lot of buyers, so we shall see if it is time to go long, or just a big retrace.

Will post another update later this morning on what I am seeing.


Note how the Advance-Decline went from -1100 to +1200. NQ is acting even more bullish, rising from 1738 to 1775. This almost equals the +50pt drop in NQ from last week. ES 1064 was a point of contention for a while there, but now price has moved comfortably above it again. Now all we need is buy volume to come in to confirm follow through of Friday's hammer reversal.

I missed the move from 1062 to 1073 because I was not at my desk at the time. Will look to enter long on TICK < -800.

No comments: