Mohan 16/03/04
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Mohan 16/03/04
No Headline Call today as there will be an FOMC Meeting announcement on interest rates.
Trade Setup Summary for Monday, March 15, 2004:
Buy BreakDown (minus -2/4pts.) 1107.25-1109.25
*Trade was stopped out for a -6pts. loss above 1107.75 entry. Below held stop with market closing below entry.
Recap of Monday's Action:
Good Morning and thank you for joining us.
The market ran into another wave of bearishness on Monday with a -3.00 handle gap lower and further weakness later in the session.
We were expecting a move back to test the 1105 handle which we got but we did not get the bullish move off the lows as expected in our Headline Call.
We had described being in a Sell Mode since last Monday (March 8th) when the market had failed to hold above the 1142-43 area mentioned frequently in Feburary. We had a period in Feburary where we described the aberration on the Sell Mode that got prices moving towards 1160.00. Upon the recent failure of 1143.00 we saw a fast collapse to the 1115.00 area we had suggested as the first lower goal and then yesterdays briefing call for 1105.00 to be an important support zone which got tested again during Monday's session.
If our call is going to pan out we should be bottoming in here and will now be looking for a larger scale "opening day" to the upside.
We stand aside from trading on the FOMC Meeting days like today but there could be fuel for such an upside move coming in today.
Catching bottoms or tops is not really that relevant to what we do as intraday traders. I give the Market Force indicator readings for both underlying short term trends and daily trends as shown in our Headline Call for the purpose of general direction confirmation.
Using our TCF Handbook methods to grab the TCF seutps combined with the Trailblazer TCF setups to enter the trades with precision and to read the markets is the best and easiest way to hit the S&P500 market. This is actually the basis of what we do.
Today's Call & Briefing:
No Headline Call today due to FOMC meeting. I am still expecting a bottoming process to be occuring in here at the 1105.00 area. The added volatility of the FOMC announcements today may support the idea of higher prices or lower ones but we are standing aside to let the market sort itself out after the meeting.
If 1105 shows support again today then we should begin to gradually start moving higher again.
Value Area: 1,102.20 - 1,109.30
Watch this area today for support and resistance clues for further upside. In overnight Globex trading they are showing resistance at the 1110.00 area which occured also on Monday.
Moving through this area to the upside is further support for seeing a bottom forming.
Buy Pivot Target: 1,099.25 - 1,100.25
No Trade at this pivot today.
Sell Pivot Target: 1,113.25 - 1,112.25
No Trade at this pivot today.
10 Day "Pit Bull" Moving Average: 1,134.30
Keep selling rallies that occur below this number. We are seeing the gap widening as of Monday and often this is a sign of the gap closing with prices rising and the Pit Bull number closing in on the current prices.
Outside of any strong negative news we should see a larger scale rally day coming in soon.
Pro Trader's Action
We stand aside from making a Headline Call or trading recommendations on the FOMC announcement days and on the Option expiration days of which we have one coming on Friday.
We will not be having a Headline Call on Friday either or trade recommendations.
For today watch the reaction to our posted numbers above and let's see if we can start showing some strength in the prices.
I am expecting that as prices rise we will see bears reacting to the rallies with selling and this should keep prices rising. This is a daily phenomena we track to determine wrong sided sentiment.
Usually in a market like now that is trying to "wash out" you will see extreme TICK moves in the -1000 area and more. We look for -1000 TICK stabs as prices are moving lower. We have not had this fully occur yet so there may be some more bottoming left to go today before they can start pushing higher.
Otherwise we expect to see the rallies cause the Bears to pile on and extend the upward movement.
All the best of success, Mohan
Trade Setup Summary for Monday, March 15, 2004:
Buy BreakDown (minus -2/4pts.) 1107.25-1109.25
*Trade was stopped out for a -6pts. loss above 1107.75 entry. Below held stop with market closing below entry.
Recap of Monday's Action:
Good Morning and thank you for joining us.
The market ran into another wave of bearishness on Monday with a -3.00 handle gap lower and further weakness later in the session.
We were expecting a move back to test the 1105 handle which we got but we did not get the bullish move off the lows as expected in our Headline Call.
We had described being in a Sell Mode since last Monday (March 8th) when the market had failed to hold above the 1142-43 area mentioned frequently in Feburary. We had a period in Feburary where we described the aberration on the Sell Mode that got prices moving towards 1160.00. Upon the recent failure of 1143.00 we saw a fast collapse to the 1115.00 area we had suggested as the first lower goal and then yesterdays briefing call for 1105.00 to be an important support zone which got tested again during Monday's session.
If our call is going to pan out we should be bottoming in here and will now be looking for a larger scale "opening day" to the upside.
We stand aside from trading on the FOMC Meeting days like today but there could be fuel for such an upside move coming in today.
Catching bottoms or tops is not really that relevant to what we do as intraday traders. I give the Market Force indicator readings for both underlying short term trends and daily trends as shown in our Headline Call for the purpose of general direction confirmation.
Using our TCF Handbook methods to grab the TCF seutps combined with the Trailblazer TCF setups to enter the trades with precision and to read the markets is the best and easiest way to hit the S&P500 market. This is actually the basis of what we do.
Today's Call & Briefing:
No Headline Call today due to FOMC meeting. I am still expecting a bottoming process to be occuring in here at the 1105.00 area. The added volatility of the FOMC announcements today may support the idea of higher prices or lower ones but we are standing aside to let the market sort itself out after the meeting.
If 1105 shows support again today then we should begin to gradually start moving higher again.
Value Area: 1,102.20 - 1,109.30
Watch this area today for support and resistance clues for further upside. In overnight Globex trading they are showing resistance at the 1110.00 area which occured also on Monday.
Moving through this area to the upside is further support for seeing a bottom forming.
Buy Pivot Target: 1,099.25 - 1,100.25
No Trade at this pivot today.
Sell Pivot Target: 1,113.25 - 1,112.25
No Trade at this pivot today.
10 Day "Pit Bull" Moving Average: 1,134.30
Keep selling rallies that occur below this number. We are seeing the gap widening as of Monday and often this is a sign of the gap closing with prices rising and the Pit Bull number closing in on the current prices.
Outside of any strong negative news we should see a larger scale rally day coming in soon.
Pro Trader's Action
We stand aside from making a Headline Call or trading recommendations on the FOMC announcement days and on the Option expiration days of which we have one coming on Friday.
We will not be having a Headline Call on Friday either or trade recommendations.
For today watch the reaction to our posted numbers above and let's see if we can start showing some strength in the prices.
I am expecting that as prices rise we will see bears reacting to the rallies with selling and this should keep prices rising. This is a daily phenomena we track to determine wrong sided sentiment.
Usually in a market like now that is trying to "wash out" you will see extreme TICK moves in the -1000 area and more. We look for -1000 TICK stabs as prices are moving lower. We have not had this fully occur yet so there may be some more bottoming left to go today before they can start pushing higher.
Otherwise we expect to see the rallies cause the Bears to pile on and extend the upward movement.
All the best of success, Mohan
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Abraço,
Dwer
There is a difference between knowing the path and walking the path
Dwer
There is a difference between knowing the path and walking the path
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- Registado: 4/11/2002 23:16
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