Weekend Long Term Perspective

In regard to momentum, I continue to observe negative RSI divergences on all timeframes: from the hourly charts to the weekly charts. All uptrends during this entire bear market have ended at a long term key pivot. The SPX has been trying to break through the key 1107 long term pivot for nearly two months now with no success. Finally, the internal momentum of this uptrend has been deteriorating. The SPX has closed below the 20 Day EMA first time in two weeks.

The NYAD is displaying negative divergences, the financial/banking sectors (XLF, KBE, KRE) are in downtrends along with their leader GS. Plus, several foreign indices are in confirmed downtrends: ASX, BSE, DAX, NIKK and the STOX. At this stage it will not take much more selling to end this uptrend.

Over the past two weeks the SPX has traded above 1110 on five separate days, and has not been able to break through the 1107 pivot range on any of those days. In fact, over the past three weeks the market has appeared to be churning. During this period each Sunday night the USD was sold heavily overseas, the SPX surged on monday, and then went flat for the rest of the week. This action is similar to the churning action at the top of the last uptrend.

New Swing position: SHORT from 1096.50 as Twitted on Friday Nov 27. The retracement scenario played out as previously described. The $ES_F retraced more than 62% of the drop after the Dubai ,U.A.E financial news.

Update on Swing Position from 1096.50 on Nov 29:

This position was exited early for +10 pts profits due to a business trip.

Wishing all a Happy Thanksgivings

Update on Long position from 1096.50:

Position exited at 1110 for +13.50 points profits

This Long Setup is a confluence of the Market Timing Strategy with an 84% win ratio in 12 years and the Seasonal Odds Trade; 12 out of the last 13 occurrances, with 474 occurr. since 1990 with 270 up, 201 down, 3 unchanged. Also there are some other technical factors that have occurred to give this trade more reliability and higher odds. So its a 95% chance the Market close higher today. The line in the sand is 1101.75. Price should not go beyond 1104, in fact it should take out the previous high before it opens on Turkey Day ( Thursday ) because of low volume.

Results: Market GAP down big time ! Took my money and ran way before that. A good friend in the Hedge Fund Business overseas tipped me off early, thanks to him. Should have shorted but no regrets. Going to eat that turkey now, BON Appetite !

The One that Everyone else missed

The papertraders in simulaton mode missed this trade Tue, Nov 24 in $ES_F StockTwits

Day-Trading Account Performance

Another COHIBA Day. Time to celebrate ! The swing Long position is doing very well, thank you for your support, for the free charts from my Secretary At Large and for the idiots that don't know how to trade and took the other side ( loosers ).

Also want to thank all those thousands of emails followers and admirers that encourage me to keep disclousing the Myths and Truths about day-trading, LOL.

Buy Limit FILLED at 1098.50 and 1096.50

Long $ES_F ( E-Mini S&P500 ) from 1096.50 and 1098.50. As discussed on the previous 60min chart the intraday price action found support at the Trend Line confluence with the 1095 key support level. At 10:30pm est Tuesday Nov 24 the price is trading at 1104.25. The scenario played out exactly as planed. Target is now 1117.50 or 22.5 points from 1095.

The Scenario Becomes Reality

The Bullish scenario discussed on Sunday Nov 22 ( see " 60min-View of the Trend and Projections" ) became real as the Key MA at 1096 was penetrated above for more than +8 pts and also above the Resistance zone. Now the next move for the market is to retrace back to a logical level where enough buyers will become interested again or old resistance zone becomes support zone.

Another Low Risk Trade Executed from Sunday night

Here is the result of another trade executed during the Sunday Globex session. The setup and analysis for the entry is proprietary since this is not a recommendation for anyone and I do not trade to live up to anyone s expectations.My trading account is growing quickly and that is enough satisfaction for me. Don't need any credit or cheerleading from anyone.

Like many other traders ( most of them simulating ) in $ES_F StockTwits my trades have been posted after the fact but with the Live Performance Record also posted in Twitter.However since 95% of other traders in ST are not live trading and do not know how to trade I have desided not to share my trade entries again in that medium.