Four Days up into Resistance all day yesterday....the market scraped every thing it had for the dow Diamond to touch the 200MA on low volume......S&P 500 Futures are trading at Tuesdays lows .....ADP jobs report was a bit better or as expected ( less than horrible) but still on pace for 9% reportable unemployment......the big guys are buying all dips the net NYSE tick is biased to the bullish side.... S&P is stradeled on the 200mA .....the financials are weak....and oil looks to take a nose down today ...the dollar is in a rally against all other currencys....euro stocks are down.....
I think we r in for a volital day....very strong mixed currents.......spy looks to open down to Tuesdays lows and remain in the lower range trading .....I will watch the first 30 mins and see if we break the bottom of yesterday range ....or bounce back to top of range.....keep an eye on the relative volume and nyse tick......the market today will be like a pressure cooker ready to blow....you can almost see the steam coming of the charts......it will be an interesting day...
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954 et am......opened well below tuesday low..... first big neg tick -800 ...xl"S selling...volume is up looke to be a down trend day start... broke s2 support 9359
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1030 et am......tick is not agressively showing sell pressure.....but is starting to lead to bear side....Xl"s are paused and selling volume looks to be letting up.....this could be a transition to the up side .....took short positions off here 9340.... wait for more selling to increase....
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1037 et am Helocopter Ben is still talking .....very hard to read whats next untill he shuts up....
this may be a good place to put on a long trade to top of range ....wait for + 800 tick
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1100 am et spy is sitting at may high......93.23......if we break this to the bdown side we could see that correction the market pros have been touting for the past 6 weeks....... keep your power dry traders..... tick is neutral could see sideways for next few hours.....keep u posted
Wednesday, June 3, 2009
Pre Market TAO 6-3-09 Wednesday
Posted by Neboxian at 8:33 AM
Labels: day trading Journal
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