Election Plus 3 Days

A few days ago, I commented on likely spots on where price would hunker in. The elections came this past week . The Big Money operators were able to move to markets some incredible distance, yet wind up essentially where it started...

By making observations on price action, we are becoming better at identifying price targets.

Friday's MP Action

• NQ dutifully set about filling in the LVA swamp today…

• ES set about hovering at POC #3

MP Action for both:  Inside days…  (Research three point triangle breakout)

Friday Price Action

• Inside days for ES & NQ
• NQ settle 4742, POC, globex POC very  close to  and prior day POC & settle
• ES traded around Settle (-2 days) and at the 1 year POC #3
• ALSO SEE
• -- MINIMAL NQ OBV IMPROVEMENT
• -- NET ZERO ES OBV MOVEMENT

• ES HAS PUT IN A TWO DAY DOUBLE BOTTOM WITH A DESCENDING UPPER TREND LINE
• WATCH FOR BREAK OUT SHORT

Volume Action

• EOD volume lower than Day -1 & Day -2
• Yet very good volume to wrap up the week
• It'll be interesting to see next Tuesday's COT report.

SECTOR ACTION

• XLF XLI & XLY LEAD THE DAY
• XLP, XLV & XLK LAGGED THE DAY
• 

PRIOR DAY TRADE REVIEW:

-I left the Bot running in SIM Mode

-Moves appears fairly honest

-Congested FT floor/ceiling trading possible with help from robot

Summary: By moving during the overnight, Big Money traders were able to move the market considerably during the Election. Yet price essentially went nowhere - Perhaps not good for long term investors but yet presented intraday traders several good opportunities.

To be continued...

Election Night 2016

I was in Jury Duty Today, the day after election night;

Here is some of what went down Election Night and The Day After -Summary:

• The methodical liquidation Tuesday night jived with Trump winning the central US
• Despite the tremendous flush and missing the SMA 200, price returned into the trend today
• The overall volume change during the Tuesday Zig/Zag was close to net Zero
• Overall buyers joined the fun today with price essentially moving nowhere

Daily View

• The ES is showing confused consolidation
• Technically, the NQ looks like it should bounce long
• The limit lock down kicked in on the NQ short of price reaching it’s daily SMA 200
• I believe the SMA 200 or the limit was the lower price target in the mind of big money

MP Action ES

• Election night Globex not shown for clarity
• After FBI had cleared the Weiner e-mails last week, ES rallied to the defined HVP

• The three day trend has been long, however this price might be an ideal hold location

MP Action

• ES price has returned into a trading range last visited 21 days ago

MP Action NQ

• Globex not shown for clarity

• NQ has returned to the north side of the Barnacle Island Point of Control
• The three day trend is long, however, this would be a possible hold point.

Volume

• Today’s overall volume was 200% of daily average (!!!)

VOLUME Action

• The election night zig/zag was accomplished with essentially net zero volume difference
• The election night globex session had roughly the same participation as a daily session.   With fewer present to protest, price was able to move quite freely
• Whoever was the operator behind the election  night zig/zag made lots of money
• Today, the OBV buying increase (outsiders joining in) - Yet with little price lift
• Trend is intermediate term low-high
• 
  

Tuesday DAY'S Price Action

• Price clearly rallied out of the swamp into popular price range
• It's my opinion that this is the "home base" from which price will either fall or rally

ES has returned to it popular trading level

Nasdaq has returned to it's popular trading level

Price Action

• NQ Settled at 90 Day POC
• ES Settled back in the Bridge
• Good HVA Respect / Congested HVA structure

PRIOR DAY TRADE REVIEW:

Two Entries spotted:

• Head & Shoulders top
• SMA crossover