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Sunday Nite Sentiment
Started:August 15th, 2010 (09:21 PM) by UrmaBlume Views / Replies:1,111 / 3
Last Reply:August 17th, 2010 (08:59 PM) Attachments:0

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Sunday Nite Sentiment

Old August 15th, 2010, 09:21 PM   #1 (permalink)
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Sunday Nite Sentiment

Another way to visualize data:

At 2 hours in to the Sunday Nite Session this is the way our Market Heads Up (HUD) sees the market. Times are PST.

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Old August 15th, 2010, 09:21 PM   #2 (permalink)
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Old August 17th, 2010, 06:12 PM   #3 (permalink)
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The sentiment was indeed very negative, I saw that you posted it in real-time.

Now the correct conclusion would have been to go long, as the sentiment had been measured 30 min prior to the low of the night session.

Important: The night session could not move further at that time without the consent of the day-session. The ES during night behaves like a dog waiting for his master, onoy sometimes the dog pulls away creating a pre-opening trend.

Important also here: The Globex pivot S1 (1069.25) and a multiple fib line (1070.50) provided for support. This was nearly the exact low. Only followed a lower low a few minutes after the open of the regular session, when the ES went down to 1066.25 to shake out weak hands before reversing.

Of course, it is easy to comment this with hindsight. But even in real-time I am cautious, if there is strong resistance outside the Keltner Channel. The 15 min bar that established the preliminary low at 8:45 ET was a churn bar. This is a pattern that I have observed many times. The churning indicates resistance as traders exit their positions and buyers step in. It is the start of accumulation. The churn bar usually sits on a fib or pivot line (as these are used and become support by means of self-fulfilling prophecy). A small final swing then cleans the market before price reverses.

The same priniciple applied to the day-session. Price sitting on the same fib-line. As there was no important news on Monday, the cleaning operation occured shortly after the open.

Is your sentiment scoreboard used as a trend or countertrend indicator?

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Old August 17th, 2010, 08:59 PM   #4 (permalink)
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FT, the OP thinks indicators of the type you mention are the horse's ass of trading tools. And besides, now the he's been outed as a vendor, don't count on him returning to answer.

Google him and you'll see he's persona non grata everywhere he posts.

Last edited by Zoethecus; August 17th, 2010 at 09:59 PM.
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