Opening Play for Wednesday 11/5

November 04, 2014

11-4-2014 11-11-40 PM

 

Good Morning Traders!

Stock indexes are on Buy Day after two days of consolidation.  Price tested and held the daily  5 SMA.  The Dow was so strong it did not retrace at all.  The chart posted above shows how the Dow held its gap  area while the SPs  partially retraced into it.   2119.25 is the high test for the 120 minute  bull flag.  As a consideration, there is also a three bar  triangle consolidation pattern.  This often leads to range expansion.  use the first 30 minute highs and lows as reference points in addition to Tuesday’s high of 2013.75

Bonds:  NR7,,,the hourly Yield chart is posted above showing the triangle consolidation that is forming after the radical V spike aberration.  (caused by a derivatives squeeze?)

EC – Pinball sell but may trade above 125.81 high since three bar triangle pattern as well.  If shorting, use 1216.30 as Stop area – chart posted above.  Obviously this level is far away but if EC trades above 125.81, be aware of this level.

JY – pinball sale – weakest market on the board.

GC and SI:  Sell Short days   1050 – 1100 may come into play on the weekly Gold charts.

Copper :  test 30030 swing low

CL – fill out range on the 120 minute chart

NG:  42.46 is upper end of  prior  trading  range, on an extended run.

Beans:  996 is daily EMA, Corn:  359 is daily EMA    Wheat – uninteresting here

Bunds –  watch 120 mitue chart for possible Sell Divergences.

 

 

Tradesheet from Snagit

Markets in BO Mode:

BOs from snagit