Option Investor
Archive
HAVING TROUBLE PRINTING?
Printer friendly version
Marc Eckelberry : 7/31/2006 2:14:54 AM

Alert: NQ day s1 and weekly pivot at 1500/1501, so the long from 1486 stays open with stop at 1496. 20 dma is 1512 so there is no question the outlook is bullish above 1510/1512.

Keene Little : 7/30/2006 11:09:48 PM

Friday's rally was a surprise to me. After hitting its upside Fib target at 1281.50 on Thursday and pulling back from the top of its ascending wedge it looked like a great setup for a short play. But Friday's rally should have stopped anyone out of their short as it pushed to a new high. It pushed up to but hasn't been able to break above the top of its wedge. With an early morning push on Monday it could give us a little throw-over while closing the gap left on July 5th. Link

The continuing negative divergences at new price highs supports the bearish interpretation of this ascending wedge and is the reason I'm looking for a setup to get short. I'm thinking Friday's rally was a bull trap but we'll have to see if the bulls can keep the trap from being sprung.

First level of support for ES is its uptrend line from July 21st at 1274, gap close at 1272 and then the next uptrend line at 1264. If price continues to chop its way higher inside its wedge it will continue to be bearish but it'll make finding an entry a little tougher. If it blasts out the top of the wedge that would be very bullish and I would stop trying to find a short--buy with the bulls if that happens.

Keene Little : 7/30/2006 10:57:04 PM

Monday's pivot tables: Link and Link

OI Technical Staff : 7/30/2006 9:59:59 PM

The Market Monitor has been archived. You may view it and any previous days here: Link

Disclaimer: Stocks discussed in the Market Monitor are for educational purposes only and any analysis is not meant to imply a recommendation for or against that stock. The analysts in this forum as on any other website are prohibited by the SEC from giving any specific advice to ANY individual trader. All information posted is for ALL readers and is not meant to be directed to any individual. Our analysts cannot answer any email questions regarding any specific stock. Please do not ask and please do not take offense if requests are denied.

Results posted in the Market Monitor are hypothetical and OIN does not claim that any reader achieved these exact results. Due to the lag time between research, writing, posting, uploading, reading and execution there will be differences between the actual signal given and the fill achieved by the reader. Fills may be better or worse but in most cases they will be different. The writers will make every effort to give advance notice of intended signals and indicate potential price targets. Your individual results may vary depending on your activity level and aggressiveness. This forum is intended as an education service only. Trading involves risk and should not be attempted by anyone not ready to accept this risk. By acting on any signal in this forum you agree and personally accept this risk.

Market Monitor Archives