The First Hour
This
market continues to challenge traders as well
as those who trade and then convey their observations (like me). This will
probably be a very short piece today. Rather than try to embellish, like one
does on college essays when you do not know the answer, the fact is, there is
not much going on. HVTs intraday are few and
far between and the risk / reward is simply not there. The first hour represents
the only time where one can be active with decent setups. The remainder of the
day is spent patiently waiting and seeking out setups on other time frames.
Perhaps the release of
Retail Sales this morning will provide some
sort of a catalyst to break this range. Range probably is a misnomer, given
that the market has been trending up over the last few sessions, unfortunately,
as most of you know it has been the most unconvincing, lethargic upside move in
some time. Absent the economic reports that begin today, the overhead
resistance numbers mentioned in
yesterday’s piece may be another catalyst for better trading, we will wait
and see.
Key Technical
Numbers:
S&Ps |
Nasdaq |
| 1139.5 | 1521-22 |
| 1128.7-30 | 1504 |
| 1125 | 1493 |
| 1118 | 1486 (critical resistance) |
| 1107-08 | 1464-66 |
| 1101-02 | 1452 |
| 1097 (confluence) | 1444 |
| 1085 | 1425 (critical support) |
| 1081 | 1396 |
| 1075 | 1365 |
| 1061 |
As always, feel free to send me
your comments and questions. See you in
TradersWire.