This is for Friday’s market action, September 18th. Things were pretty quiet on Friday with the market marking time, going sideways. It did stay above some key support and again, we will have to see what it is going to do around the last pivot high and low to help give us an indication of future prices.
I have below a short video of the cash market in a 60 minute time frame. This goes back to January of this year, a long term look at the hourly S&P cash. I have posted turning points, based on my method. This again is the cash market and it may have been difficult or impossible to get orders off exactly at those points because of the night trading and the cash market having often times to play catch up to the futures on the open, but barring that, it is pretty close.
There is also a tick chart showing turning points for the day. There were not many trades and directional changes on Friday, but still enough for someone to have picked up at least a couple of points, even on just one trade.
Back to the hourly chart, notice how we are at the high end or what seems like an extended position. It can go higher, but the market is not going to like it if that last pivot low is broken, especially since Fridays action had the whole day marking time and building up pressure. That pressure will be released, in one direction or the other, but if the pivot low gets broken, it would appear that others will jump on board to lock in some of those profits from last weeks push higher. Time will tell?
The best to you all,
Vince
http://www.screencast.com/t/vnBHH4VVNY Video / 60 minute cash S&P from January 09
http://www.screencast.com/t/VfbcjxMSHY Video / Friday’s Turning points – 233 tick chart
Related posts:
- Screen Shot, S&P 500 Cash Index with Commentary
- Index’s Making Room to Run, buying time
- Can you say “REVERSAL DAY”
- Stock Market is Marking Time for Next Move
- Near Perfect, in todays trading !
Tags: cash market, hourly chart, pivot high, turning points
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