Opening Play – Friday Sep 12

September 11, 2014

 

 

 

Good Morning Traders!

The market gapped lower and then traded from low to high.  The 120  minute chart of the Russell suggests that a full retest up is still possible.

The Nazdaq came on strong in the afternoon session, led by AAPL (which may open up at all time highs on Friday).    The charts below show the steady

uptrend.

Bonds are on an extended run to the downside and the yield chart below shows the down trending channel about to be broken.

All the grains had a selling climax on the crop report and are deeply short term oversold.  The Beans left a bit of a “tail” as did the Wheat and the corn.

How far up can they retrace?  Crude has a pinball Sale setup after opening on its lows (pit session) and having a stellar trend day up.  A “Z” day or

consolidation day might be in order.

The summation tick chart is stil not  overbought.  Sentiment readings are neutral.  The daily breadth oscillators are mildly oversold.

The closing Tick indicator is neutral after having corrected an overbought reading 2 weeks ago.

CURRENCIES WILL BE WAITING FOR SCOTLAND”S VOTE TO BE OUT OF THE WAY THIS WEEKEND.

Have a great day!

Linda

9-11-2014 9-26-35 PM

9-11-2014 3-34-28 PM