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TF thread (Russell 2000) ... anything goes
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TF thread (Russell 2000) ... anything goes

  #651 (permalink)
Market Wizard
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Gradient Divergence and TF

Gradient Divergence in acton.

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  #652 (permalink)
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Lucky!!!


HighRise1202 View Post
Goin to 797.4 after chop-o-matic.

Went to 797.4. Took forever. Got 2.5 on that one.

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  #653 (permalink)
"simplify."
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short @ 97.2....what a slow day.

let's see......

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  #654 (permalink)
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Looks like they have a squeeze in mind.... it will come back...just hard to say when the way it's getting bid

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  #655 (permalink)
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I hope anyone that took that trade got out......That was the risk with that trade (location) anyway I'd be looking to short again back to that area (have to get PA).....keep in mind that 803.9 area as a possible top....not saying it will go there today.

I hope I didn't confuse anyone to much ....I'll try to post a better looking one next time....it's all I saw today

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  #656 (permalink)
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Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

This is what I was looking at....the blue line is actually an entry for the pin identified on the left which I missed entirely.(noticed it after the fact)
The second pin is what I was telling you guys about....notice the location

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  #657 (permalink)
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hahaha....might get a nice pinbar right on the close.....chalk this up to holiday week goofiness

Edit: yep did get a pin....

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  #658 (permalink)
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Just wanted to post some upside spots. 809.4, 814.2, 818.2, and 823.2 which is the best looking one....the others are kind of messy so ....

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  #659 (permalink)
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Watch 1371 on the S&P

This is about the chart so let’s go there right away and the two-year chart of the S&P shows the index below the top of the two-year sideways trend marked aggressively with the success or failure of Friday’s Runaway Day to take the S&P safely back into the top of this year’s sideways trend or back into its middle or below.


Should today’s trading transform yesterday into consolidation, there’s a good shot the S&P crests back toward 1422 if not above to even out this year’s sideways trading. Should today appear to support what appeared to be topping yesterday and something that would make sense in the context of possible Double Top discussed in recent days and a pattern that a pattern that confirms at 1309 for a target of 1255. For today, though, the levels to watch on a closing basis are 1355 and 1371 with a breach on either side possibly telling us about the index’s direction for at least a week or two.

As was pointed out yesterday, though, the key point to make note of in the chart above is the fact that the S&P’s intermediate-term uptrend is very much reversing down via the sideways trend as occurred last year and probably a strong signal of how this trend will break when it breaks and that is down.

Prior to that break, though, it is worth watching 1371 on the S&P as a way to monitor this year’s sideways trend.

-------------------------------------------------------------------------------------------------------------------------
Runaway Days Likely to Reverse Down

There’s one important – possible – exception to this potential outcome from the latest Europe’s-Been-Saved Rally and that is the Russell 2000 – or perhaps it is an extreme version of why last week’s 3% surge in the equity indices will reverse soon – but let’s leave its chart until the end and start with why it appears that the latest sideways swipe up is likely to result in a sideways swipe down.

First, there’s the possible Double Top playing with the S&P, Dow Jones Industrial Average and the Nasdaq Composite with each of the hourly charts slightly different and worth looking at for the nuances before turning to the important daily charts that fail to show consolidation – the hallmark of a successful Runaway Day – in favor of topping and the key signal of a Runaway Day that is likely to lead to a reversal back down.


Starting out with the S&P above, there is the Double Top highlighted yesterday in daily form and a pattern that confirms at 1309 for a target of 1255 and the chart above with the line of confirmation draw a tad high shows why this pattern is likely to work and that is Newton’s Third Law relative to the move up for nearly the first three weeks of June. Unless the S&P closes above 1371 and the top of the index’s two-year sideways trend, this Double Top should take the S&P back down and probably pretty quickly and perhaps on payrolls.

Naturally what will really determine whether Friday’s spike up will turn out to be a successful Runaway Day that signals a move much higher or a failed Runaway Day for the aforementioned reversal is whether yesterday’s trading was the beginning of consolidation or topping.

Charts being as fractal as life, it is interesting to note that there may be a small Double Top up there but it could turn out to be a small Bull Triangle of some sort and this is where the Dow’s 60-minute chart comes in handy as shown on the following page.

Putting aside its own Double Top that Formed in the month of June, yesterday’s trading appears to have formed an identifiable topping pattern and that is none other than the Diamond Top that breaks to the downside more often than not. Let’s treat both cases with times being unusual as ever and the upside scenario confirms at 12902 for a headline-stealing target of 13006 while the downside confirms at 12798 for a target of 12694.

Its Double Top confirms at 12450 for an attention-grabbing target of 12001 with perhaps that equal and opposite reaction force showing better in the month chart below.



It is the chart of the Nasdaq Composite, however, that really points to the likely failure of last Friday as a Runaway Day and that is due to its huge gap into what is likely to be the second peak to a Double Top.



Should this prove true, the pattern confirms at 2820 for a target of 2689, and thus a top heavy pattern relative to the most supporting it early in June and perhaps another reason to think it will collapse down sooner rather later.

Before turning to the daily chart of the Dow for a look at whether Friday looks more like a successful or a failed Runaway Day, let’s take a look at the Russell 2000 that rose another 1.18% yesterday.

Truthfully, yesterday’s surge on top of last Friday’s spike up looks more like topping and particularly in the context of its previous trading and something that will be explored separately in another note shortly, but in this note let’s just look at the 3-month chart and laugh – or at least giggle.



Maybe the Russell 2000’s move up yesterday is the beginning of a Bull Flag or Pennant for some much-needed consolidation but the 1-min chart shows lots of little gaps at the base of Friday’s spike up while yesterday’s move up closed May’s 804 gap and something that probably frees the Russell 2000 to fall back with that “payback mission” accomplished. That being said, this small cap index is pretty close to the 825 target of its unmarked “IHS” pattern and so maybe it fulfills but it does not present in weekly form while what may be presenting above is a Bear Wedge that confirms at 796 for a target of 758.

Overall, then, the Russell 2000 is probably less of an exception to the likelihood of Friday failing as a Runaway Day even as it trades separate from the other equity indices to have surged higher again yesterday with all of these charts looking vulnerable to a quick swipe back down in this year’s sideways trend.


It is the Dow’s daily chart that really confirms that likelihood with yesterday’s near-Doji signaling a likely reversal and something that is similar to October 28, 2011.


Interestingly, yesterday’s candle is even similar to May 11, 2010 that led to some clear topping while it is worth noting what happened after the bearish Doji patterns that May along with the placement of the Dow in 2010 and 2012 relative to its 50 and 2000 DMAs with there being some similarity to this index’s current positioning in the context of these moving averages now.


Might the Dow somehow use yesterday’s trading to consolidate Friday’s spike up for a successful Runaway Day? It could but it will have to close above 12977 to defy a new Bear Wedge along with its Double Top and Rising Wedge to do so and something that seems pretty unlikely.

More likely and based on the many charts examined within is that the recent Runaway Days will reverse down.


Watch 1371 on the S&P

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  #660 (permalink)
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TF Range


Brother, KB

In your expert opinion. what would you say is the average range of run in the TF?

I'm working on staying in trades a bit longer and have been underestimating my targets by
a technical level or two.


AJ
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"Life On The Edge of SR"
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