Wednesday, April 29, 2009

2009-04-29 Market Watch

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

image SPY 5-minimage ES and XLF

7:35am: market strength.

image

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

image SPY 30-minimage 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.

image ESM9 2himage XLF hourly

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

image market breadthimage ES and XLFimage SPY 30-min

EOD: the market made a higher high today.

image Bullish scenario.imageless bullish scenario.

image scenario from colleague

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