Market commentary for 03/30/2009
Good day,
Good day,
My site is done. Not all finished but i invite you all to visit it and you will find my all work there.
Every suggestions are very welcome.
http://www.ivicatradingcharts.com/
The market continued to rally this past week, but after nice trap gap at Monday rest of the week was very tricky which we can see on the 60 min charts. Every try for a correction finished with a new high. Problem was every high was a slightly higher high which increased the trading risk. Friday the indices opened lowered and the gap wasn’t filled. Despite that we had a range day without an intraday trend. To better predict future market action we need to see bigger time frames charts.
On the daily charts we can see a very narrow bar on Friday, actually it is NR7 bar (narrowest bar in last seven days). That is always opportunity for a trend day. With that information I will mark 60 min high and low at Monday in case we will get it. We can see the indices have room for another small move up, but if they already have seen the high that wouldn't be a surprise. The weekly charts tell us why.
The SPY already reached the 20sma and the QQQQ reached its previous high while the DIA has a little room to reach the 20sma but reached previous support which is now the resistance area (red line). Right now it is hard to tell if we saw the high or if the indices have the strength for one more step up. The charts right now are telling us the indices are at a strong resistance area and every breakup without consolidation will be high risk for new setups. If we look back again on the weekly charts the situation is very simple. We have “V” bottom and let’s see if indices can hold this area. My focus will be with weakest and strongest names for continuation setups.
Those of you that used to come into the trading room and stopped, I want to tell you I am back full time and welcome all of you to come again. There is nothing to lose since there is no charge for the service right now. I look forward to seeing you all there.
Every suggestions are very welcome.
http://www.ivicatradingcharts.com/
The market continued to rally this past week, but after nice trap gap at Monday rest of the week was very tricky which we can see on the 60 min charts. Every try for a correction finished with a new high. Problem was every high was a slightly higher high which increased the trading risk. Friday the indices opened lowered and the gap wasn’t filled. Despite that we had a range day without an intraday trend. To better predict future market action we need to see bigger time frames charts.
On the daily charts we can see a very narrow bar on Friday, actually it is NR7 bar (narrowest bar in last seven days). That is always opportunity for a trend day. With that information I will mark 60 min high and low at Monday in case we will get it. We can see the indices have room for another small move up, but if they already have seen the high that wouldn't be a surprise. The weekly charts tell us why.
The SPY already reached the 20sma and the QQQQ reached its previous high while the DIA has a little room to reach the 20sma but reached previous support which is now the resistance area (red line). Right now it is hard to tell if we saw the high or if the indices have the strength for one more step up. The charts right now are telling us the indices are at a strong resistance area and every breakup without consolidation will be high risk for new setups. If we look back again on the weekly charts the situation is very simple. We have “V” bottom and let’s see if indices can hold this area. My focus will be with weakest and strongest names for continuation setups.
Those of you that used to come into the trading room and stopped, I want to tell you I am back full time and welcome all of you to come again. There is nothing to lose since there is no charge for the service right now. I look forward to seeing you all there.
Wish you all good trading!!!
Kind regards.
Danded2005@inet.hr
Ivica
Ivica
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