2009-04-29 Market Watch

7:25am: today seems a trend day and the market looks very strong.

SPY 5-min ES and XLF

7:35am: market strength.

7:46am: it should pullback a little bit.

SPY 30-min ES and XLF

LESSON: as long as the direction is align with the trend, entry point doesn’t matter.

8:23am: wave counting needs to be adjusted.  Previous high will be take out.  Currently XLF is lagging.

ESM9 2h XLF hourly

8:35am: wishful thinking is a more meaningful intraday pullback is imminent.

market breadth ES and XLF SPY 30-min

EOD: the market made a higher high today.

Bullish scenario.less bullish scenario.

scenario from colleague

2009-04-28 Market Watch

7:37am: gap down and filled in the gap.  Market is neutral now.  ES: bounced back up from the support level.  It should penetrate 840 some time later.  CPC is rising, TRIN is still quite high.  Crude oil is down, dollar is pulling back a bit.

market breadth ESM9 2-hr SPY 5-min

eur/usd: kiss back to the breakout level and possibly go higher.

eur/usd 2-h

7:58am: price up with rising CPC.  See how it goes around the EMA50.

SPY 5-min

8:23am: XLF is weak.  market is consolidating around EMA50.

8:31am: market breadth is weakening.

9:53am: consolidation on 5-min chart.

SPY 5-min

EOD: the market dropped down a little bit as expected.  The lower edge of the ascending channel has been tested five times, now the question is whether it will hold the uptrend again?  Let’s see how the market responses to  FOMC meeting.

ESM9 2h

2009-04-27 Market Watch

7:35am: ES bounced back up from the 847-848 support.

ESM9 2-h market breadth

CL and DX hourly

8:37am:ES cannot break the immediate support at 861.75.

ES 1-min SPY 5-min

10:02am: oil is dropping down, so is ES.  EUR/USD favors the down side.

market breadth ES and CL EUR/USD daily

10:20am: prepare for more downside:

ES and DX

10:51am: EURO crashed.  Wait for the response from the stock market.  Sell signal on INDU hourly chart, confirmed by volume.

eur/usd XLF hourly ESM9 2-hr INDU hourly

EOD summary:

INDU hourly chart has given a sell signal and this has been confirmed with the volume indicator.  XLF is neutral with a little bit distribution pattern on the hourly chart, and buy signal on 15-min chart.  SPX/ES wave counting is still the same, and more correction is needed.  EUR/USD has broken down and the stock market should follow.  The crude oil is neutral.  Market breadth and most technical indicators are neutral, the market may seesaw for a longer period, no big sell off is expected.

ESM9-2h EUR/USD daily CLm9 hourly