Opening Play for Monday 8/4

8-3-2014 10-52-00 PMGood Morning Traders!

Market indicators such as breadth oscillators and closing tick indicator are deeply oversold

after 3 days of lower highs and lower lows.  A “Buy Day scalp ONLY is to be expected. The

2-period ROC made new momentum lows, and there will be hourly grail sales on a reaction up.

Thus, any long trades must be made as scalps only as opposed to potential to hold overnight.

The Russell closed with hourly Buy Divergences.  An “A-B-C” rhythm up on the 30 minute SPs could come close to the hourly EMA.  Any trade up around Friday’s high,  a slightly lower high or slightly higher high is good trade location for a shorting opportunity.  1927.50 was the high of Friday’s pit session value area. 1932-35 is an excellent resistance zone.  The SPs are already trading UP on  Sunday evening.  Don’t chase to the long side.  The first morning selloff can setup a Buy but for a scalp only.   There are decent odds that Fridays low will be exceeded sometime this week.


Silver has a Buy Day on the 2-period ROC and potential for a Turtle Soup Buy.  Beans are testing the lower end of a trading range.

The EC has a Pinball sale as well as first close back above the daily 5 SMA.  Friday’s high of 134.47 is the main reference point.

Should be good  two way trading in the SPs! Have a great day!



Tradesheet from Snagit











BOs from snagit