Index S&P 500 Day Trading: Fiscal Cliff week

Hi traders and Happy Holidays for all of you!

This week, I made 4 targets for both side cause of Holidays.

 I like the big drop till ~1424.00 on Friday.This way it shows me that the Market respects my trend line.

Few thing to take in consideration for next week: "Blue Trend Line" , My "Green Up Trend", and "Fiscal Cliff"   "Blue Trend Line" : As you can see,1429.00 was a resistance and support for long time. And because we close above 1429 ,for next week, it will act as a Support for buyers.  "Green UP Trend" : As you can see, is a good thing that we had this sell-off on Friday, this way, we have space to go Long and go higher than before. Market looking to go back in my "Up Consolidation Zone" "Fiscal Cliff": If US fix this discussion in a positive way, we go "Long" if not "Short". Personally,(is only my opinion)....I would be very surprise if they don't agree on something before the dead line. Direction: I'm looking for "Long" only...as usually I will take if I have my[...]

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Christmas Rally Daily Chart bulls in control

Christmas Rally for the past two days as the Market rallies and there could be a chance for good bonuses.

Traders broke through the resistance at 1426.25 and gapped up to 1428 and never looked back.  This week we have seen very low volume.  As you can see there is price divergence and volume inequality on these moves up showing weakness on the buyers side.

The Christmas Rally has historically been in the first full week of trading.  

The first two weeks of December has been very consolidated with one move up and then this continuation move that started on Monday.   With a move of 31 points controlled by buyers we could see a continuation of this move to 1450 to a swing high move of 1458.  This is on low volume again which could prove to be volatile as there is not a large ask if the buyers do step in. This is also Options Expiration week.  Watch for some volatility going into Thursday and Friday as the dealers/traders adjust their positions and decide to hold into the holiday and into the New Year.  

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CHART GOLD AND CHART S&P500 Day Trading 17-21 December 2012

HI I have to remove my post with targets explanation. One trader make me realize I did not change "expiry date" for my futures. My direction still "Long for both, S&P500 and Gold" but, because my work was done on old futures contract expiry date...they are not as precises as us to be. Thank You [gallery]

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GOLD CHART DAY TRADING MONTREAL DAYTRADING

Look like gold are in a very small consolidation and few others are coming soon...(we are between MA50 and MA200) I'm looking for "Long direction" because : -price never close under 1695.00 past 2 weeks. -We have 3 double Bottom, all in one place.(Black trend Line) I hope we will finish by closing above MA50 this week or next one, so we can use it as a Support to go Higher...to the double Top around 1752.00. One more thing, If Monday I don't see any small signal or clear confirmation to go Long.....I will pass for this Call.    

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This week, I'm looking only for Long Targets. 1^st I would like to see sellers fail one more time Monday . 2^nd waiting for my confirmation Long Call  1.A:Market Try to pass 1432.00 3-4 time, Fail every time. If you notice, is was hard not only cause of double top (1432.00 double top) but also the MA50 was strong a  resistance.  1.B: Now, MA50 are the resistance, and will help market to pass 1432.00. This week, we pass once 1432.00 and next day go even with more commitment. And we even try to close above my "Dark Trend Line".  2.A: 3 resistances all in same place: 1-MA 50 2-Black line : Double Bottom 3-Green Bottom trend line   [...]

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Montreal Day trading S&P500 / ES Futures-Contract Update for my Short Tragets

Hi, on my last post I said I was waiting for Short Signal...and it will take 1-2 day...so there we are.... My 3 reasons why I Short this: 1st:We never close above 1432.00 ,The price was not supported one more time. 2nd: we touch my "Blue" Trend line 3rd: 90% of others index are going for a short signal also. Targets: After this strong Swing, I have to re-check for my targets. 1st Target:1422: once I get my first target, I will check how market will react on my "green" trend line and then look to get out, or stay for 2nd target. 3rd target: Same as 1st one, check for next "green" trend line. Have a Great day Guys Next Update on week-end

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Time for a little short this week. Buyers can't go above 1422.00 , and sellers start to take control of market. I'm keeping my short target as it is...once it get to my first target (~1408), then, is only question about managing my stop, to get maximum cash on this trade. this day is not over yet...but however, buyers are weak...can't even go back to my double top ,and if it's going long for  1-2 day, I prefer wait for short signal. Thank You

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S&P 500 / ES 12-12

[caption id="attachment_5486" align="alignnone" width="739"] Montreal Trader , chart for day trading for next week.

Montreal Trader , chart for day trading for next week.[/caption]  

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