HOT TOPICS LIST
- MACD
- Fibonacci
- RSI
- Gann
- ADXR
- Stochastics
- Volume
- Triangles
- Futures
- Cycles
- Volatility
- ZIGZAG
- MESA
- Retracement
- Aroon
INDICATORS LIST
LIST OF TOPICS
PRINT THIS ARTICLE
by Austin Passamonte
Near-term market outlook for S&P 500.
Position: N/A
Austin Passamonte
Austin is a private trader who trades emini stock index futures intraday. He currently trades various futures markets from home in addition to managing a trader's educational forum
PRINT THIS ARTICLE
TECHNICAL ANALYSIS
Mission 1100 For The S&P 500
08/31/09 09:41:12 AMby Austin Passamonte
Near-term market outlook for S&P 500.
Position: N/A
| When the Standard & Poor's 500 traded to the 660 price levels in early March 2009, rumors of its total demise were rampant and apparently unfounded. The rebound from there to current resting levels has been nothing short of amazing to most if not all market players. Is there no stopping this market at any near-term top? See Figure 1. |
|
| FIGURE 1: ES, WEEKLY |
| Graphic provided by: TradeStation. |
| |
| Should there be a near-term top found, it probably happens that beckoning gap is still open for nigh on 11 months and counting. ES 1100 was a breakway gap in classic fashion that lasted this long and will hold for (at the very least) a couple of sessions longer, and maybe more. In any event, it is inevitable that the gap will fill. When is always the great unknown, but in this case the "what" is certain. |
|
| FIGURE 2: ES, DAILY |
| Graphic provided by: TradeStation. |
| |
| Akin to the NQ charts, the daily picture of ES seen in Figure 2 shows a bullish hammer candle from August 27 followed by a bearish candle to follow. No fewer than three open gaps hang below current price levels, letting in quite the breeze in swiss-cheese manner of support -- full of air pockets and holes. |
| ES 1005 is the nearest open gap, followed by 950 back at the venerable price magnet formed in triple-top fashion before the July breakout. It would be perfectly normal for a pullback to 1005 and even 950 with no technical damage at all to the overall rally structure. Below there ES 1100 heads to 900 gap in a hurry, with questions about further staying power arising. |
| Meanwhile, pre-Labor Day week is straight ahead. The light volume drift is likely to get lighter still. We cannot really pound stakes in the ground until that holiday mark is passed, but we may see some jockeying for position before then. |
Austin is a private trader who trades emini stock index futures intraday. He currently trades various futures markets from home in addition to managing a trader's educational forum
| Title: | Individual Trader |
| Company: | CoiledMarkets.com |
| Address: | PO Box 633 |
| Naples, NY 14512 | |
| Website: | coiledmarkets.com/blog |
| E-mail address: | austinp44@yahoo.com |
Traders' Resource Links | |
| CoiledMarkets.com has not added any product or service information to TRADERS' RESOURCE. | |
Click here for more information about our publications!
Comments
Date: 09/01/09Rank: 5Comment:
Date: 09/01/09Rank: 5Comment:
|
Request Information From Our Sponsors
- StockCharts.com, Inc.
- Candle Patterns
- Candlestick Charting Explained
- Intermarket Technical Analysis
- John Murphy on Chart Analysis
- John Murphy's Chart Pattern Recognition
- John Murphy's Market Message
- MurphyExplainsMarketAnalysis-Intermarket Analysis
- MurphyExplainsMarketAnalysis-Visual Analysis
- StockCharts.com
- Technical Analysis of the Financial Markets
- The Visual Investor
- VectorVest, Inc.
- Executive Premier Workshop
- One-Day Options Course
- OptionsPro
- Retirement Income Workshop
- Sure-Fire Trading Systems (VectorVest, Inc.)
- Trading as a Business Workshop
- VectorVest 7 EOD
- VectorVest 7 RealTime/IntraDay
- VectorVest AutoTester
- VectorVest Educational Services
- VectorVest OnLine
- VectorVest Options Analyzer
- VectorVest ProGraphics v6.0
- VectorVest ProTrader 7
- VectorVest RealTime Derby Tool
- VectorVest Simulator
- VectorVest Variator
- VectorVest Watchdog