Monday, September 19, 2016

20160919 - Monday Morning Review



Friday's Price Action:

Very Boring.   Good volume but very range bound in a jungle of support and resistances.    NQ wanted to go higher but would definitely broken the formation so price simply sat.



  • VOLUME  Lighter volume than yesterday (which was lighter than the day prior)

  • POSITION/STRUCTURE - NQ is up high and ES is still down low messing up uniform movements.   Waiting for a break with these two either start acting in synch or disconnect completely..   Very tightly defined D formation...

  • Runaway / Excess / Spikes - We are range bound with static  levels above and below.
  • Key levels reached - See prior writeup
  • WHERE IS THE COMPOSITE POC?
  • MP POC/VA/LOD/LOD Feature relationships (higher, lower?)
  • TEMPO - Pouring cement kind of day...
  • Has one time framing failed?  Watch out tomorrow!



We are unclear, undecided and weakening….

END OF DAY CARRYOVER SUMMARY:   

  • Either we are going to simply sit here for the FOMC or we will have somebody move the NQ overnight to a new high, just because…
  • Lots of talk on how overvalued al the equities are with mediocre growth. Watch for bubble?



MONTHLY: New Money charts
  • Everybody and their brother is presently bullish


WEEKLY
YM Bear
ES Bear
NQ BUll (barely)
nQ Bear
CL Bull
NQ Bull
GC Bull (barely)
SI Bull (Barely)
















DAILY
YM -6
ES -6
NQ +2
LMT -24
CL -2
NG +5
GC -2
SI  -5








YESTERDAY'S Price Action:

Very Boring.   Good volume but very range bound in a jungle of support and resistances.    NQ wanted to go higher but would definitely broken the formation so price simply sat.



  • VOLUME  Lighter volume than yesterday (which was lighter than the day prior)

  • POSITION/STRUCTURE - NQ is up high and ES is still down low messing up uniform movements.   Waiting for a break with these two either start acting in synch or disconnect completely..   Very tightly defined D formation...

  • Runaway / Excess / Spikes - We are range bound with static  levels above and below.
  • Key levels reached - See prior writeup
  • WHERE IS THE COMPOSITE POC?
  • MP POC/VA/LOD/LOD Feature relationships (higher, lower?)
  • TEMPO - Pouring cement kind of day...
  • Has one time framing failed?  Watch out tomorrow!


We are unclear, undecided and weakening….

END OF DAY CARRYOVER SUMMARY:   

  • Either we are going to simply sit here for the FOMC or we will have somebody move the NQ overnight to a new high, just because…
  • Lots of talk on how overvalued al the equities are with mediocre growth. Watch for bubble?


OVERNIGHT ASSESSMENT

Well I’ll be a monkey’s uncle, Europe took the NQ to All Time Highs and the ES towards the upper end of it’s LVA zone that was needing to be filled.   Structurally, these two markets are still out of synch so I’m thinking that they’ll simply fill in these two areas (after a possible gap close perhaps) while waiting for the FOMC announcements this week.

I the readings, picking up how people are pondering markets under a Trump Administration….

  • G. OVERNIGHT INVENTORY  from yesterday’s settle:is __x_ Long ___ Short ___ Neutral Approx 65%
See counter auction relative to overnight inventory to rebalance.
Extenuating circumstances:

  • H. ARE WE GOING TO OPEN IN OR OUT OF BALANCE AND TO WHAT DEGREE?
  • ___ In _x__ Out ___ Near extreme of balance


CARRY OVER CONCLUSIONS

Expecting a possibly opening liquidation break to close the gap, then to trade in the globex range while waiting for FOMC.