Thursday, November 17, 2016

Hunkering in...



Today, I took the day off to tend to some family matters.   The following is a post day review of some of what went down.

On the big picture front, Trump is continuing to pick out his cabinet and pundits are making forecasts....

MP ACTION
  • NQ IS DEMONSTRATING A RELUCTANCE TO REMAIN IN THE SWAMP
  • YET NQ IS DEMONSTRATING THE BARNACLE ISLAND AS HEAVY RESISTANCE
  • ES IS APPEARING TO FILL IN THE LVA BETWEEN POC #3 & #4



ES SPENT THE DAY FILLING IN THE NARROW LVA BETWEEN POC #3 & POC #4


NQ SPENT THE ENTIRE DAY FILLING IN THE LVA BENEATH THE BARNACLE ISLAND POC


VOLUME ACTION
  • EOD VOLUME AT PRE ELECTION LEVELS


VOLUME ACTION - 10 DAY OBV SHOWS INCREASING LONG POSITIONS

PRICE ACTION
  • (BREAKOUT ALERT) ES INSIDE ACTION
  • (BREAKOUT ALERT) NQ STAIRSTEPS ONE LEVEL HIGH


I believe we are in a hunkering in period




Commitment of Traders


ES
  • Fascinating….   Entering into the elections, practically everybody was flat
  • Immediately after the elections, Asset Managers Bought and the Dealers unloaded



NQ
  • Large speculators continuing to go long
  • Dealers continually selling (towards the top)