Today is Wednesday September 1st, 2010 and what a huge day in the S&P market as well as all markets, coming in at 3.22 %, +33.75 on the S&P emini futures.

Well, it was not a surprise to me, as I wrote about it in yesterdays blog. It was the likely move, not the surprise move. The more time the market spent in those lower levels, just basically holding out, the bigger the move was going to be coming out of the gate. We could easily see another good day for Thursday’s session. I mentioned that in last weeks blog and in yesterdays blog posting, that we would likely see 1100 on the S&P for a temporary pause and possible pullback only to set up for the next move over that 1100 S&P resistance area.

The next move is only after the first one is done, which we have not as of yet completed, so, I should not get ahead of myself, but if we are looking at a sustained move, the 1100 S&P area will have to be broken on the upside.

It is possible we could see that 1100 area in tomorrows session, which would represent short term resistance, so lets see how that shapes up. The momentum is on the upside as we did close on the high of the day, which is good for a possible follow through move for Thursday.

In today’s trading my heart was just not in it. I took two small losses for just one tick and two small gains for two ticks each. I was preoccupied with getting out to take care of a few things and it showed. I did not have patients to wait for moves and just felt out of sync. The best thing to do is just stop, so I did and took off.  The turns were OK, but I new that they were only going to be good for short moves and that too distracted me. Seeing that the bulk of the move came early without me, it was fine to just let it go. Chart below.

I might add, you can see my first two trades as far as the indicators are concerned were off. I new that after I placed them and just got out, minus one tick on both. I settled down and waited for better timing and the trade moved out just like it supposed to, when the timing is right. These indicators work like a charm for me, but only if I follow them. The thing about that is, their is an excellent trade method that gives me the exact same signals that has nothing to do with indicators at all. That is the truth, straight up. Again, that said, the indicators do uncannily match my trading method, so I pretty much know exactly when I am following it or not. Really pretty interesting and amazing. I still am impressed with this fact even though I am the one who designed it.

Anyway, enough of that, the chart below of the very meager trades I took and some of the other turning points that followed in the session.

Good Trading to all, Vince

Related posts:

1. Bullish Reaction Move Expected to Show Up Soon
2. Scalp Trading & Market Timing
3. Sentiment numbers stronger than expected

Tags: +3.22 %, 1100 resistance area, 1100 S&P, S&P Emini futures, short term resistance