Jump to content



Photo

1509 should be tested


  • Please log in to reply
39 replies to this topic

#1 OEXCHAOS

OEXCHAOS

    Mark S. Young

  • Admin
  • 21,996 posts

Posted 29 May 2007 - 08:48 AM

If my bastardized Semibiz approach to the ES is any good, we should see 150900 tested soon, barring some buying volume coming in. The high ARMS supports it being sooner rather than later, and the EOM suggests that if it isn't today and tomorrow AM, it won't happen until next week. Mark

Mark S Young
Wall Street Sentiment
Get a free trial here:
http://wallstreetsen...t.com/trial.htm
You can now follow me on twitter


#2 steve

steve

    Member

  • Traders-Talk User
  • 144 posts

Posted 29 May 2007 - 08:57 AM

If my bastardized Semibiz approach to the ES is any good, we should see 150900 tested soon, barring some buying volume coming in. The high ARMS supports it being sooner rather than later, and the EOM suggests that if it isn't today and tomorrow AM, it won't happen until next week.

Mark


ES 1507.75 was last weeks low. The S&P 500 cash has not traded below the prior weeks low for the past 10 weeks. Amazing. Is that a record?

There are sure to be a lot of stops at that level.

#3 SemiBizz

SemiBizz

    Volume Dynamics Specialist

  • Traders-Talk User
  • 23,208 posts

Posted 29 May 2007 - 09:12 AM

Take a good look at the SPX volume for 5/21 High of 1529.87, last day of extreme volume. That is also a compelling for a retest. I don't come up with a 1509, you must be looking at the contract volumes. AND, note that this last a to b was 1532-1505, and today's high is 1521 or .618 of that move. So if we go much higher, ABC down is cancelled at 1529.87 here we come.

Edited by SemiBizz, 29 May 2007 - 09:16 AM.

Price and Volume Forensics Specialist

Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"

Volume is the only vote that matters... the ultimate sentiment poll.

http://twitter.com/VolumeDynamics  http://parler.com/Volumedynamics

#4 OEXCHAOS

OEXCHAOS

    Mark S. Young

  • Admin
  • 21,996 posts

Posted 29 May 2007 - 09:25 AM

yes, I'm looking at the June contract volume. I think it's pretty darned good. I've watched a bunch of these set ups and they're about 75% right, which is great. This one is more iffy for the above stated reasons, but I decided that I'd at least document them publicly. M

Mark S Young
Wall Street Sentiment
Get a free trial here:
http://wallstreetsen...t.com/trial.htm
You can now follow me on twitter


#5 SemiBizz

SemiBizz

    Volume Dynamics Specialist

  • Traders-Talk User
  • 23,208 posts

Posted 29 May 2007 - 09:26 AM

ABC down is cancelled at 1529.87 here we come.




should have read AND 1529.87 here we come.



Now if 1521 holds we're going under 1500 here back to test 5/3 high volume low of 1495. Consistent with Nasdaq action, already tested 5/2 low on 15% more volume...and that says due for retest.
Price and Volume Forensics Specialist

Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"

Volume is the only vote that matters... the ultimate sentiment poll.

http://twitter.com/VolumeDynamics  http://parler.com/Volumedynamics

#6 jjc

jjc

    Member

  • Traders-Talk User
  • 2,886 posts

Posted 29 May 2007 - 09:26 AM

I can not see today's low being lower than 1510 june es. 1514ish more likely.

#7 SemiBizz

SemiBizz

    Volume Dynamics Specialist

  • Traders-Talk User
  • 23,208 posts

Posted 29 May 2007 - 09:27 AM

How about posting a chart with your contract volumes?
Price and Volume Forensics Specialist

Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"

Volume is the only vote that matters... the ultimate sentiment poll.

http://twitter.com/VolumeDynamics  http://parler.com/Volumedynamics

#8 OEXCHAOS

OEXCHAOS

    Mark S. Young

  • Admin
  • 21,996 posts

Posted 29 May 2007 - 09:32 AM

Hows this? es5__5_29_07.gif BTW, I don't like those bigger green volume sticks, but they are still less than the big red one.

Mark S Young
Wall Street Sentiment
Get a free trial here:
http://wallstreetsen...t.com/trial.htm
You can now follow me on twitter


#9 Russ

Russ

    Member

  • Traders-Talk User
  • 7,174 posts

Posted 29 May 2007 - 09:32 AM

There is big resistance at es1525.
"Nulla tenaci invia est via" - Latin for "For the tenacious, no road is impossible".
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong



http://marketvisions.blogspot.com/

#10 SemiBizz

SemiBizz

    Volume Dynamics Specialist

  • Traders-Talk User
  • 23,208 posts

Posted 29 May 2007 - 09:41 AM

Hows this?
es5__5_29_07.gif
BTW, I don't like those bigger green volume sticks, but they are still less than the big red one.





Not good enough to make any decisions, show me the daily. The smaller the timeframe the greater the percentage of error.

Edited by SemiBizz, 29 May 2007 - 09:42 AM.

Price and Volume Forensics Specialist

Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"

Volume is the only vote that matters... the ultimate sentiment poll.

http://twitter.com/VolumeDynamics  http://parler.com/Volumedynamics