Every freely-traded market makes a series of turning points during the day session of the regional stock market.  You don’t need to master complex cycle theories or pay to join some elite trading group in order to utilize daily turning points. I can teach you how to spot them with conventional technical analysis

Scoreboard

ES:2 wins / 0 losses

Video Blog NEWS!

I successfully recorded yesterday’s trading session.  However, the finished product was too long and too wordy.  But, progress is being made.  I will be debuting it just as soon as I have a product worthy of my readers.

Chart Chat

The Unemployment Rate report came out this morning at 5:30 am PST.  Because the numbers had improved, the market jumped up 11 points in less than a minute.  Usually only an adjustment in the fed interest rate can make the market react like that.  The upside breakout was in the expected direction.  For the most part, the market had been consolidating sideways after Wednesday’s rally.  So, the breakout was likewise to the upside.  Unfortunately, when the day starts with a huge move like that, it’s almost like a gap with no price action.  The rest of the session is largely a sideways drift.  The price seems to stall in a narrow range to give the indicators time to catch up.  Once the MAs rejoin, the breakout will, again, be in the same direction that lead into the sideways more: up.  That’s why there were just two trades, both long – one early, one late.

Today’s pattern was a three-point LO-HI-LO with the first LO in the premarket.  Have a great weekend.  Be back Monday.

Please click on the chart below to make it larger.

Today’s 3-minute ES chart