Friday, November 4, 2016

Get Set....

Friday, the ES daily touched SMA 200 and NQ daily touched SMA 100.   This last occurred during Brexit and afterwards… Perhaps this was the script CINC gave to Yellen to give to the big money people...
ES reaches SMA 200 and NQ reaches SMA 100

Also, as discussed yesterday,the NQ was 1-3 days from testing it’s contract low.   Today, the NQ was was able to test the pit session contract lows and requires another 30 points to test the contract low with globex.

Because that was a globex event (Brexit), I don’t know if we will reach that level or not.   Nonetheless, it’s about a day away.
NQ Pit session matches Pit Session Contract Low
The Globex session contract low is another 30 points lower...

MP Action
  • ES appears to have put in a double bottom after 8 days of decline
  • NQ appears to have put in a sloppy double bottom also

Price Action
  • ES HOD was a simple test of yesterday’s POC & Pivot
  • ES LOD matched yesterday’s LOD and near Globex Low
  • ES LOD was at the SMA 200 on the daily

  • NQ HOD was at daily Pivot & HVA Edge & Yesterday’s VA
  • NQ LOD was at S1 (TA)
  • NQ LOD was at the SMA 100 on the daily

Takeaway, just in time for an election day rally???

Volume action
  • Inspecting the OBV finds accumulation during the 1st half of the day,
  • Markup beginning around 1000
  • Liquidation takes place after energies closes
  • Large Lot Trading reflect the above price action
  • This appears to be a very clever move put into today's script, transacting high than average volume and essentially moving little...

Summary - I believe we are in position for the elections.   Where do we go from here, who knows....