- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE
- This blog has a copy of all header posts that I publish anywhere, so that those interested in seeing what my thoughts are on the markets can find them easily.
- I will be answering questions and responding to comments, so feel free to respond to any posts and I will see your comment even if it is not on the most recent post.
- If you're interested in seeing any intraday charts I post, I do that on twitter, and my twitter handle is @shjackcharts.
- The charts in the posts are as large as I can practically make them. if you would like to look at one more closely, click on it, and the link will take you to a larger version at screencast. If you click on that again, you will get a full page version, and can use the resizing function on your browser to enlarge parts of interest further.

Tuesday, 31 May 2011

Breaks

I have almost entirely lost access to this internet at the moment, as I'm laid up in hospital with access via my iPhone. I broke my leg badly on Sunday and it's possible that I won't get home until the end of this week, in which case this will be my only post until then, as I cannot currently post any charts.

However I do have a couple of points to make from the limited access that I do have, and the first is that ES has broken up from the strong declining resistance trendline that held again on Friday. That trendline was the upper trendline of a falling wedge of course and I am expecting at least a retest of the 'Osama Top' on ES now.

The second point to make is that today is the last day of the month and tomorrow will therefore be the first day of the new trading month. That means that the trading stats since
March 2009 are moderately bearish for today, and strongly bullish for tomorrow. The best trade for tomorrow over this time has been to buy at the close of the last day of the month, and hold until the close of the first trading day of the month, unless there is a gap down on the first trading day in which case you should sell at the open.

I'm leaning strongly bullish for this week after the break up on ES, and I'll be looking for the same break at the open on SPX. I see that EURUSD has broken up through 1.434 as well and that also looks bullish.

Happy trading everyone. I'll be back as soon as I can.

No comments:

Post a comment