For Thursday, it should be a low volume day as Friday is closed. If you don't see a perfect setup then its best to not trade these sort of days. The pivot is 819.75 and I see price rallying nicely into the high 820s as I type so I would expect this to be a nice grind up for Thursday and we could even see the 840 mark from last week perhaps. Trade safe.
Wednesday, April 8, 2009
Never Short A Dull Market
Well after the ES futures hit 802 overnight they rallied up and challenged the pivot by the open. The pivot of 815.75 held for most of the day and the market hit some double bottom suport just underneath it late in the day and rallied nicely into the close. This continues to be bull market action that you simply cannot fade without getting tagged. The earnings reactions so far this week are seeing positive price action afterwards and that is yet another good sign for a market turning the corner.