Opening Play for Tuesday 9/2

Good Morning Traders!

First week in September….big event this week will be ECB meeting on Thursday .. This has been a big market mover 90% of the time.

The Dollar remains in strong uptrend.  There is nothing  indicating a top is in site.

The DAX was dull on Monday.  As you can see by the chart above,  the DAX has not made a full retest up yet but does have a 240 minute bull flag.  An upward bias is suggested.

The Russell also can still take out the last 120 minute swing high.  The next levels up are marked off to the upside on the chart above.    The DOW closed with an Inside range day on Friday and also has a bull flag formation.

The short term Summation Tick charts are neutral, not overbought.  No indicators are suggesting overbought readings at this time.  To the downside, the market needs to continue to hold the last 120 minute swing low to support the uptrend.

2003.75 was the last swing high in the SPs and 87.50 the last swing low for 16.25 points.  A push of equal distance to the upside would project 2020.   I am not a believer in setting targets but if SPs can trade above 03.75, the width of the consolidation often projects the extension up.

Have a great day!

Linda

 

 

 

9-1-2014 8-19-27 PM

Tradesheet from Snagit

 

 

 

 

 

 

 

 

Markets in BO Mode:

BOs from snagit