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: 6 wins / 1 loss       

Chart Chat

Today the price had moved below the long term moving average.  The pattern was a LO-HI-LO, two bearish impulse patterns separated by an up-moving corrective pattern, just the opposite of the bullish variety we’ve seen so frequently lately.  The loser was basically a miscount on the EW.  I was expecting more downside followthrough.  It was not to be.  I still finished well in the money.  Have a great evening.  Be back tomorrow.

Please click on the chart below to make it larger.

Today’s 3-minute ES chart