July 30th, 2009
YESTERDAYS WRAP UP - 980-970 range tightens further. 970 support area tested all day in choppy fashion. Market tried to break thru lower, couldn’t, and then worked its way back to top of ever continuing and tightening range
TODAY’S OPENING GAP/1500 PRICE VOLUME ANALYSIS - Mechanical trend starts up with gap above 980-970 range (as of this writing). This can be an explosive breakout higher, or a failure to move higher once the session starts trading.
BRACKETS/PULLBACK TO SWING ANALYSIS - After 5 days of overlapping action, odds favor a strong breakout higher, but you never know until trading begins…Watch for a trend day up to develop, but also watch for an opening failure back into range.
DAILY CHART (BIG PICTURE) ANALYSIS - Bounce off big picture 950-870 bracket low at 870 started move back to 950. As long as breakout above 950 area holds, we start a new daily bracket higher and watch for signs of a reversal to set a new daily bracket high. It looks like after days of tight overlapping daily action, we are breaking out higher to move to big picture target in the 1050-1000 area.
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July 29th, 2009
YESTERDAYS WRAP UP - As expected we tested lower 970 support. Market, tried to break thru lower, couldn’t, and then worked its way back to top of ever continuing and tightening range near 980
TODAY’S OPENING GAP/1500 PRICE VOLUME ANALYSIS - Mechanical trend starts down near lower end of 980-970 range. A bigger overnight breakdown than yesterday, so we will watch to see if volume early points to a sign of a deeper range pullback to 960 area to start.
BRACKETS/PULLBACK TO SWING ANALYSIS - Range trading if price stays inside 980-970 range. If so, a powerful breakout is developing will eventually occur as we are at 5-days of overlapping daily price action. Pullback to swing around 960- 955 support maintains big picture bias up
DAILY CHART (BIG PICTURE) ANALYSIS - Bounce off big picture 950-870 bracket low at 870 started move back to 950, As long as breakout above 950 area holds, we will start a new daily bracket higher and watch for signs of a reversal to set a new bracket high. It is possible this big picture breakout could be rejected, but as of now big picture bias clearly up with target to the 1050-1000 area.
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July 28th, 2009
YESTERDAYS WRAP UP - Tight intra-day range. 974 broke lower and 970 was tested. Price then moved up to test 980 level
TODAY’S OPENING GAP/1500 PRICE VOLUME ANALYSIS - Mechanical trend starts down near lower end of 980-970 range. Volume is setting up for a move lower to test lower support .
BRACKETS/PULLBACK TO SWING ANALYSIS - Tough trading if price stays inside 980-970 range. If so, a powerful breakout will eventually occur. Below 970=960 test, and confirms a 980-960 consolidation area in place. Pullback to swing around 960- 955 support maintains big picture bias up
DAILY CHART (BIG PICTURE) ANALYSIS - Bounce off big picture 950-870 bracket low at 870 started move back to 950, As long as breakout above 950 area holds, we will start a new daily bracket higher and watch for signs of a reversal to set a new bracket high. It is possible the breakout could be immediately rejected, but as of now big picture bias clearly up.with a target in the 1050-1000 area.
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July 27th, 2009
YESTERDAYS WRAP UP - Classic pause day after a trend day up. Market pulled back about 50 percent of the trend move, right to overnight low support, and then rallied higher for rest of the day to test trend day highs from the day before.
TODAY’S OPENING GAP/1500 PRICE VOLUME ANALYSIS - Mechanical trend starts up in somewhat conflicting unchanged environment as Volume is setting up for a move lower to test lower support . Overnight highs and lows will provide an early range to monitor (982-974 area). As long as pullback to swing point around 974 holds, short term trend remains up for a test of the 982 highs..
BRACKETS/PULLBACK TO SWING ANALYSIS - Break below 974=970 area. Below 970=960 test, and confirms a 980-960 consolidation area in place. Pullback to swing around 960-955 support maintains big picture bias up
DAILY CHART (BIG PICTURE) ANALYSIS - Bounce off big picture 950-870 bracket low at 870 started move back to 950, As long as breakout above 950 area holds, we start a new daily bracket higher and watch for signs of a reversal to set a new daily bracket high. It is possible the 950 breakout could be immediately rejected, but as of now big picture bias clearly up with a target in the 1050-1000 area.
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July 24th, 2009
YESTERDAYS WRAP UP - Powerful Trend day up coming from a breakout of a key daily bracket level. Holding for big gains was the ideal trading approach.
TODAY’S OPENING GAP/1500 PRICE VOLUME ANALYSIS - Mechanical trend starts down in what is a typical tricky pause day after a trend day. It looks like the overnight highs and lows will provide an early range to monitor (972-962). As long as pullback to swing point around 955-950 holds we “expect: (not predict) a test of yesterday’s highs at some point in the future. Unfolding intra-day developments will tell us more..
BRACKETS/PULLBACK TO SWING ANALYSIS - Breakout higher from 950 daily bracket high, Pullback to swing around 950 support maintains big picture bias up
DAILY CHART (BIG PICTURE) ANALYSIS - Bounce off big picture 950-870 bracket low at 870 started move back to 950. As long as breakout move above 950 area holds, we will start a new daily bracket higher and watch for signs of a reversal to set a new bracket high. It is possible the breakout could be immediately rejected, but as of now big picture bias clearly up with a target in the 1050-1000 area.
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July 23rd, 2009
YESTERDAYS WRAP UP - Ever tightening range day in key 950 area. Breakout attempt higher failed but price still holding tight at top of key daily bracket area.
TODAY’S OPENING GAP/1500 PRICE VOLUME ANALYSIS - Mechanical trend starts up near top of daily bracket
BRACKETS/PULLBACK TO SWING ANALYSIS - Looking for breakout higher/lower from 950 daily bracket high, We now have tightening overlapping daily action to monitor, and the breakout of this range should be powerful and will point to the next big picture direction
DAILY CHART (BIG PICTURE) ANALYSIS - Bounce off big picture 950-870 bracket low at 870 started move back to 950 with three consolidation areas in between 950-930, 930-900-900-870. Edges of these consolidation provide support/resistance..Entering these consolidations sets up push to opposite extreme. Seeing if we will break out of 950 area to upside (powerful), or start back down inside the 950-870 bracket
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July 22nd, 2009
YESTERDAYS WRAP UP - Gap up above 950 bracket high met immediate rejection and price pulled back to big picture support at 945, bounced to 950 bracket top, and then attempted a reversal day lower moving below 945. But 945 was penetrated to the upside in the afternoon, and price went all the way back to highs of day
TODAY’S OPENING GAP/1500 PRICE VOLUME ANALYSIS - Mechanical down open in conflict with range that is setting up near top of daily bracket
BRACKETS/PULLBACK TO SWING ANALYSIS - Looking for acceptance/rejection at 950 daily bracket high, We now have a 955-940 range to monitor, and the breakout of this range will point to the next big picture direction
DAILY CHART (BIG PICTURE) ANALYSIS - Bounce off big picture 950-870 bracket low at 870 started move back to 950 with three consolidation areas in between 950-930, 930-900-900-870. edges of these consolidation provide support/resistance..Entering these consolidations sets up push to opposite extreme
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July 21st, 2009
YESTERDAYS WRAP UP - Gap up near bracket high that pulled back to big picture support and then edged higher with big picture uptrend rest of day.
TODAY’S OPENING GAP/1500 PRICE VOLUME ANALYSIS - Mechanical up open as we monitor price nearing daily bracket high near 950 area.
BRACKETS/PULLBACK TO SWING ANALYSIS - Looking for acceptance/rejection as price approaches 950 daily bracket high, Rejection higher and a break below 945 could signal that high of this move has been reached, but for now as long as 945 pullback to swing support holds, trend is still up.
DAILY CHART (BIG PICTURE) ANALYSIS - Bounce off big picture 950-870 bracket low begins anticipation of move back to 950 with three consolidation areas in between 950-930, 930-900-900-870. edges of these consolidation provide support/resistance..Entering these consolidations sets up push to opposite extreme
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July 20th, 2009
YESTERDAYS WRAP UP - Consolidation in 940-930 area all day as 930 support holds.
TODAY’S OPENING GAP/1500 PRICE VOLUME ANALYSIS - Mechanical up open as we monitor price nearing daily bracket high near 950 area.
BRACKETS/PULLBACK TO SWING ANALYSIS - Consolidation moves to 950-940 area as price approaches 950 daily bracket high, A break and hold below 940 could signal that high of this move has been reached, but for now as long as 930 low from Friday holds, trend is still up.
DAILY CHART (BIG PICTURE) ANALYSIS - Bounce off big picture 950-870 bracket low begins anticipation of move back to 950 with three consolidation areas in between 950-930, 930-900-900-870. edges of these consolidation provide support/resistance..Entering these consolidations sets up push to opposite extreme. We will see if breakout above 950 can develop…
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July 17th, 2009
YESTERDAYS WRAP UP - Intraday chop leads to strong breakout higher on the way to daily bracket 950 target area high.
TODAY’S OPENING GAP/1500 PRICE VOLUME ANALYSIS - Mechanical down open conflicting with pullback to swing support in 930 area
BRACKETS/PULLBACK TO SWING ANALYSIS - Consolidation forming in 940-930 area as price approaches 950 daily bracket high. A break below 930 could signal that high of this move has been reached. As long as 930 holds, or some other intra-day development unfolds later, bias is up knowing we are nearing high of daily move.
DAILY CHART (BIG PICTURE) ANALYSIS - Bounce off big picture 950-870 bracket low begins anticipation of move back to 950 with three consolidation areas in between 950-930, 930-900-900-870. edges of these consolidation provide support/resistance..Entering these consolidations sets up push to opposite extreme
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