Red Dragon Leo

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Red Dragon Leo

Link to Red Dragon Leo - Stock Market Trading on the Darkside

ES Morning Update February 5th 2016

Posted: 05 Feb 2016 06:18 AM PST

07a927ef-1890-4693-ad18-02bc48cacb88The NFP Report barely pushed the futures down hardly any.  This shows strength from the bulls here.

No direction clues on this 2 hour MACD but the 6 hour looks ready to turn up from around the zero level.

This mornings NFP report came out at 8:30 am EST and the futures dropped a little over 8 points… basically it ignored it.  This is a clear sign that the market wants to keep this area and not give it up to the bears.  At this point I think we saw the low on Wednesday and are about to start a multi-week rally.

How high could we go? At this point its too early to tell but 1980-2000 doesn’t seem unrealistic.  But we are getting ahead of ourselves there as we are still in a bear market and the ride could be choppy with fast moves up and down along the way.  For now let’s look to exit shorts this morning and look for longs.

Usually the first opening move down is followed by a bounce and then one more dip lower to make an ABC wave pattern down.  But with the futures looking so strong we might not see that happen?  We could just start right up out of the gate… so to speak.  Don’t chase of course as there’s usually a pullback of some kind but at some point this morning we should turn back up and rally.

ES Morning Update February 4th 2016

Posted: 04 Feb 2016 06:43 AM PST

2c414ec0-b9f3-4745-aa1e-eeba242ba2a4Resistance 1920-1930.  Support 1865 triple bottom area.

Looking at various charts and time frames this morning I can’t see any clear picture for the next direction.  Most charts are overbought (short term) and should rollover but some are bottomed and pointing up.  It’s very mixed today.  There is overhead resistance that the market wants to breakthrough, but I don’t think it has the strength today.  I’m leaning toward a choppy day of nothing to trade.  I don’t see the bulls breaking out strongly, but I don’t see the bears taking it down either.  There’s just no clear edge today for me to forecast the direction.

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