Opening Play for Friday 9/19

Good Morning Traders!

The DAX led to the upside in the early hours of the morning and the US markets followed on Thursday.     The

market is using the expected Scottish No vote as an excuse for follow through to the upside, but the technical have remained strongly bullish.

Breadth oscillators hit oversold readings 3 days ago, the structure on the Russ weekly chart suggests a full retest up is a possibility, and every

day there have been shares making all time new highs.   No indicators are overbought yet. Even MSFT which is normally a “utility” is making new 14 year highs and is

not far away from all time highs  made in 1999.  This could become a magnet – take a look at your weekly charts.  As an aside, the DAX is not far from all time highs and could easily get there in 1-2 more days.

Gold and Silver have Buy Divergences on the 2-period ROC.  Gold has overhead resistance or key test point marked off on the charts.  If it were able to take this out, the daily

EMA would be the next objective.   Otherwise it remains in a downtrend, worse only in markets like Sugar and the Yen…..

Friday is the last Triples expiration of the year.   The SPs are trading well above Thursdays high in the evening session.  Thursdays high is the main downside pivot.

There is no  overhead supply. Globex range should provide the main early pivots.

Have a great day!


9-18-2014 10-36-51 PM

Tradesheet from Snagit



Markets in BO Mode:

BOs from snagit