Chicagostock Trading

Chicagostock Trading

The Crawl Back to 1915

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After attempting to hold last Tuesday, the market rallied to 189275, only to meet major resistance against the broken August lows of 1890. This led to a narrow range last Tuesday, barely holding Monday's 186375 low.  Globex saw the market break this triple bottom against 186375, giving way for the 189275-186375 range to be expanded down to 183475 (189275-186375=29, 186375-29=183475). The market fell on Wednesday to complete this target, however continued another 20 handles lower into 1813 to test major support from the April lows, before seeing a squeeze back to the 1863 level.  The following day saw a retest of the lows which held, creating another range, 1863-1813. The range gave room for the market to expand up to 1913 (1863-1813=50, 1863+50=1913), or down to 1763, depending if the ES was able to breach the top range at 1863, or bottom range at 1813.

 

 

On Friday the SP500 recovered above 1863 and attempted to target Tuesday's 189275 highs, running into 189175.  The break above 1863, gave the market room to expand up to 1913.

 

On Monday the SP took out last Tuesday's 189275 high and found support down to 1870 before rallying into close at 1900.  Today, 1 week after the failed 189275 high made last Tuesday which was followed down to 181300, we have recovered back above those 189275 highs and completed the short term range expansion target of 1913.  The move now retests major resistance based on the double top made at 1930, along with revisiting the scene of the crime, being the 1920 major support level that was tested early October before finally giving out and falling 100+ handles.  Old support becomes new resistance.  A move through 1980 is needed to reverse momentum and create a V bottom on daily charts as rallies into 1920-1958 offer sellers an area to defend.  

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The Ebola Swan- SP500/Yen Market Review

 

 

Futures, foreign currency and options trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. Video content hosted by third party.

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Oil's Target via T/A

 

A few weeks ago, before starting October, crude oil was sitting back at its 2014 lows of 9124, after rallying up to 10768, only to fail the retest of the 2013 summer highs.  This failure, and upside down U turn, led to a small consolidation period as short covering and new buyers materialized to put in a tug of war.  The 2014 reversal of 9124-10768 has a 1644 range.  Taking this range and subtracting it from 9124, this gives downside objective of 7480 to complete the expansion.  This takes place as the market made a technical reversal for the year of 2014 and failed to hold 91, seeing a flush, and expansion of the 2014 range, in the opposite direction. First level of major support is seen at 8090 with sell stops under 7728 to complete 7480 objective. Short term this support level offers an area for shorts to cover and buyers to look to defend, for a move back to retest 84-88 resistance, up to 91.  Failure to hold 7728 gives way to complete 7480 expansion target, which takes out the 2011 7495 low. 

 

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Pre NFP Market Update, SP500, Bonds, Midcaps, Yen

Futures, foreign currency and options trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. Video content hosted by third party.

 

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CST Day Trading

Chicagostock Trading.

Instant message support/updates/livescreen and daily analysis. 

 

Alert/trade sent via AIM:

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Took all day to get that fill, however 7375 provided a level to defend on the short side. Since the risk is 4 points, if the market gives us 4 points in return, we scale out to lock in base hit and reduce exposure. Stops lowered to entry, allowing market to either continue lower to give the "homerun" setup, or move back to exit trade. 

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