Newbie Trader's Lounge

Possible consolidation and reversal in play. The low failure is played out here? If yes, then with the lower high and lower low to follow, a confirmation of the downtrend is done. We’ll watch a short setup. If not, we’ll wait for the next breakout to appear.

Strong trend yesterday without a single moment of pause or pullback. Resistance is 850 and support is 840. Watching the upper part of the falling pline here for possible consolidation or reversal. FOMC speaking this afternoon so may be a dull day ahead.

50% retrace near 840 here. Watching for a failed rally near this area for more downside. A possible double-bottom is forming. Also looking for lower high lower low on 600-tick to confirm. On daily, the trendline channel is falling confirming the possible further downtrend.

Double-bottom pattern still in play, reaching near target. Bullish higher highs/lows but reaching top of the falling plines. Hold off here to see if there is resistance in this area. Support is 849 and resistance 863

gaps up ahead here between 860 and 853. Also, double-bottom has been confirmed, moving off from the peak in the middle. Will watch for pullbacks for buys. Target 862. Gap here. Gap fill?

Top of the falling trendline and still confirming the break of the bigger rising trendline. Will short this rally if 842 fails at top of trendline. A possible double-bottom still at work. Immediate support and resistance is 830 and 845 respectively.

Possibly a price move up to confirm the trendline break and downtrend. Will look to 600-tick price action for lower high/lower low to go short. If not, will wait. There is also a possible Double-bottom and Head-and-Shoulders pattern setting up.

Last Friday’s rally may be a possible confirmation of a breakdown of a downtrend? In daily, rising trendlines still intact. We’ll have to see how things work in the openings hours today.

Looks like another gap down today. The forward contract has changed to the September(U) contract today in TS for @ER2 (continuous). Have to watch both current and forward contracts for resistance/support areas. The current channel needs a little more down before reaching the bottom channel line. This gap might do it. Will look for either further downtrend or possibly reversal to upside to go long. If not, short when breakdown is clearly shown.

Unfilled gap will above 853, could be intraday resistance for now. Market currently going another downside correction. 840 is strong support. Look to continue to short rallies on this move down the rising channel.

Market very bullish now. Breaking old high at 840, there is little resistance above. Support is 840 with unfilled gap just above it. Will buy pullbacks