Chris, re:today's data
Here's a snapshot, no detailed analysis. (I'm off in a couple of clicks to burn some stress on the bike. Looking out the window, I've got just the trail in mind.)
[10-minute intra-day compression, Daily Chart, Three Day window.]
Less confirmation today in a tight early market.
10:20ET NDX signals reversal with Bearish Engulfing Lines.
10:40 INDU signals Morning Star, reversing downtrend.
11:20 NDX signals Bearish Engulfing Lines.
12:00 INDU, OEX, SPX, NDX signal Hanging Man (Kubitsuri). [Crrackk.]
2:10 INDU signals feeble Morning Star.
3:50 INDU, OEX and SPX signal Hammer on heavy volume.
I have found Hammers and Hanging Men to be the most reliable formations, provided they follow a definitive trend. Morning Stars have been good for ~20 upside Dow points lately. Because we have received no confirmation on the 3:50 Hammers -- and it was the end of trading day -- I have little confidence in predicting tomorrow's open. Other charts, patterns, indicators are decidedly negative. Therefore, I will trade indices in one direction tomorrow, seeking uptrend reversals as short opportunities. (Existing positions are mostly bearish.) |
