Bears were out in full force to start the week! The market had range expansion and an increase in volume. It has been many days since there has been an afternoon trend move down. The best Z days lead to good two way early morning consolidation trading. There is a 15 minute grail sale in the indexes on any morning reaction UP or gap up opening. 1809.50 was Monday’s low, and this is the level to watch for a test to the downside. Big picture support comes in just below 1806. Any flush towards this level would be a buying opportunity. IBM made it back towards its daily EMA but other big cap blue chips like V can still trade a bit lower.
Bonds, GC, AD, SI have had two good low to high days. Watch for them to consolidate on the 120 minute time frame. (The yen as well).
SB has an interesting 3 bar triangle pattern. An upside breakout could lead to a retracement to the daily EMA. Sugar and Wheat have been the weakest markets on the board tho.
CLICK ON THE THUMBNAIL below to see chart examples!
Have a great day!