Friday AM

Posted on February 12, 2016 by TraderHank
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  Overnight the ES managed to move above the 1833 area which ends the downward threat of a selloff.  Our T1 is the 1877 area which is a nice large area for the day trader, it could be an excellent day to get long...

ES 02122016 AM
ES 02122016 AM
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Back To Sideways…

Posted on February 11, 2016 by TraderHank
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As the market was nearing the lows of the day near the 1802 area news came out saying that the Saudi's were going to cut oil production.  After the news price took off like a rocket upward going all the way back up to the 1833 area of mR then bouncing lower to close the day at 1824.25.  After hours price is moving back up to the 1833 area which I have marked now as MR since we have tested this area twice without going above.  It will be interesting to see what happens overnight, prices look higher but at best we are still in a sideways pattern.

ES 02112016 EOD
ES 02112016 EOD

    

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Break Out Failure

Posted on February 11, 2016 by TraderHank
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  I did not get a chance to update my blog yesterday where the ES had broke out above the 1857 level but by the afternoon this level failed to act as the new floor. Overnight price crashed through the 1831 level of MS and headed lower to our T1 target of 1802.  Now price has bounced back up to our 1831 level which acted as expected as price rolled back over and now has headed lower back down to our 1802 level.  If the new downtrend will continue, expect the 1802 level to break and we should head down to the 1776 level our T2 level.  This hourly chart has been tricky so I've had to keep my focus on the daily chart which is currently in a downtrend....

ES 02112016 mid day
ES 02112016 mid day

        

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60 minute Chop

Posted on February 9, 2016 by TraderHank
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  Overnight price action in the ES confirmed our sideways price action bouncing off the 1857 MR area and selling off hard down to the MS area of 1821 but coming up short and rallied off of the low of 1825.75.  Price took off like a rocked as the general market opened at 9:30 am EST to rally all the way back up to the 1857 level just before lunch then rolling back over to head lower.  This time price could only make it back down to the 1829.50 area, before the bulls took over, as lunch was ending the institutions took price all the way back up to MR and broke the 1857 level to make a new high of 1863.75.  The new high was short lived as price headed lower below the 1857 level to close out the trading day at 1848.  Since price could not stay above the 1857 level, price is still sideways on the 60 minute chart...

ES 02092016 hourly pm
ES 02092016 hourly pm
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Strong rally neutralizes downtrend

Posted on February 8, 2016 by TraderHank
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  Overnight, the ES broke down below the 1863 level to continue the downtrend lower on the 60 minute chart.  Price finally found support for now at the 1821 level, but I feel that there still might be unleft business for price to head down to the 1804 level.  Price was lower all day until 3:10 pm reversal time where price took off and rocked upward all the way through mS to retouch the 1857 MR level.  The latest move ends the downtrend threat for now but at best price looks sideways from here going into Tuesday.

ES 02082016 PM
ES 02082016 PM

  

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TGIF

Posted on February 5, 2016 by TraderHank
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  After the ES failed to stay above the 1911 area of mS, price continued lower today to break down below the 1873 support area and finally coming to rest at the 1864 area.  1864 is the mS area on the daily but now, since we have the 2nd touch, it will now be referred to as MS as I'm assuming this area will hold over the weekend because of the COG bar we got on the last hourly bar.  Here is the Daily chart of the ES which shows a sideways price movement...

ES Daily 02052015
ES Daily 02052015

Here is the Hourly chart showing the breakdown from mS at the 1889 level which now will act as mR on a retracement back up to this area... 

ES 02052016 PM
ES 02052016 PM

A retest near the 1889 area and a break below the 1864 level would confirm a new hourly downtrend in the ES.  Monday should give us a better clue on where this market is going...  

   

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Overnight confusion???

Posted on February 4, 2016 by TraderHank
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  Price broke out above the 1911 area of MR overnight but the area failed to hold on the retest and now price is headed lower probably back down to the 1873 area. Price could find a minor support area around the 1887.50 area and head higher but we will have to wait and see.  So far as of yesterday, the hourly chart is still sideways and attempts to go higher have failed so far...

ES 02042016 AM
ES 02042016 AM

  

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T2 target hit and then…

Posted on February 3, 2016 by TraderHank
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  As soon as the market opened price fell apart selling off to our T2 target of 1864 then bouncing back up to our new mS area of 1887.  Price rejected the 1887 area as expected and headed lower but price could not make it back down to the 1864 area again as price settled for the 1875 area as the new low.  As lunch was ending just after 2 pm EST. price took off like a rocket and rallied all the way back to the mS area of 1887 only to blow through this area like it was not even there.  Price rallied all the way back up to MS area of 1911 topping out at 1912.25 only to close the day at 1906.25.  Another crazy trading day full of opportunities and an hourly chart looking sideways again...

ES 02032020 EOD
ES 02032020 EOD
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Major Support failed…

Posted on February 2, 2016 by TraderHank
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  The market moved lower past the 1911 area of MS just after the market opened today.  Price continued lower all day and as expected, the market moved to the next support area of 1888.  This evening the market looks weak and I would not be surprised to wake up tomorrow to find the ES down at our next T2 level at 1864.  If the market does not hold the 1888 level, the new uptrend on the Daily will be in jeopardy of failure and I'd expect a huge sell off down to our 1804 level, buckle your seats!  

ES 02022016 Evening
ES 02022016 Evening

    

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Tuesday AM update

Posted on February 2, 2016 by TraderHank
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  From all indications we have gone sideways on the two hour chart as price action failed to find mS on a pull back to the 1911 area.  The longer we go sideways the better the chances are that we head higher...

ES 02022016
ES 02022016
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