2009-04-23 Market Watch

7:36am: market breadth looks quite strong.

market breadth

the market wants to go higher while still congested under EMA 50.

ES 5-minSPY 5-min

In the longer time frame, the pullback is not over yet.

SPY 60-min SPY 15-min

7:51am: crude oil is recovering a little bit.

CLm9 hourly

At the moment, YM is weaker than ES and NQ.

8:02am: test today’s low, it should go lower.  Now NDX should be weaker than SPX according to the market breadth.

ES 5-min Market breadth

8:12am: take a look at ESM9 2-h chart.  The wave after (B) does not seems to be wave 1 of corrective wave C.  Looking forward to more downside.

8:17am: temporary support is broken, more downside ahead.

ES & NQ 5-min

8:20am: ES is going to break the ascending channel.

ES 2-h

8:25am: a little bit of positive divergence on ES 5-m, XLF filled the gap.  May bounce back up for a while?  No trading against the trend.

8:55am: NDX is weak.  The market is relaxing before making a new intraday low.  Watch for potential breakout on ES 2-h.

market breadth  ES 5-min ES 2-h

9:10am: oil and dollar do not support the downside movement.  Maybe the LOD is set?

ES and XLF 5-min

9:17am: here is a high risk long entry.  Note the positive divergence.  Target: ema50.

ES and XLF 5-min SPY 5-min

9:55am: target reached.  Oil is pullback slightly,  dollar is falling.  Look forward to further rally.

ES and CL 5-min

TICK > 1000, TRIN > 1, first time go over EMA 50, STO overbought, pullback! (TICK < 1000 TRIN < 1 bounce back)  heard from laoda.

SPY 5-min

10:54am: it almost reached HOD and starts pulling back.  Oil is also pulling back.

11:12: pay attention to financials, it’s moving.  Big sell off is not ready yet.

11:37: oil is rising madly…again.  Be careful, no short here.

12:24: dropping.  Hopefully it could fall hard.  I prefer small white candle or big red one.

market breadth ES and XLF 5-min

EOD: small white candle.  Intermediate term down almost confirmed.

SPX daily ESM9 2-hr