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WTF Chart of the Day: What The Beep Is Going On With S&P 500

By Lawrence Chan   on 2013 Oct 28 Mon 21:42:43

Following is the chart of S&P 500 Emini future 15-minute chart, regular trading session only since Oct 23, 2013.

image

Many traders are scratching their heads wondering what is going on.

An 8 points only channel for 4 days?!

Well, it is not something new. Whenever S&P has to be carried to certain print level for a purpose, this happens.

This is what happened back in end of Jan 2013

image

Jan 30th was FOMC Meeting announcement day.

Notice the compression really starts from 5 trading days before the meeting day.

Oct 30th is the upcoming announcement day and we have this compression / up channel setup in place.

S&P 500 is just playing the same script again.


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Comments
  • smilingsynic  November 27, 2013 at 15:42:13

    An idea for an overnight trading system:

    Long at new afterhours high taking place between 11:30 PM and 1 AM EST.
    Close at 9:30 open

    Short at new AH low taking place between 11:30 PM and 1 AM EST.
    Close at 9:30 open.

    No stops.

    Just an idea. Do with it as you wish. Been focusing more on AH these days.

    All the best,
    Glen

    • Lawrence Chan  November 28, 2013 at 10:35:49

      The 1 am new high thing I know for sure produces a run to 5 am. It is part of the AH 10 pt bias properties.

      Will post my findings (should have and somehow the pieces are all over the place). XD

      You’ve got a full time job during the day. Do not stress out yourself.

      Happy Thanksgiving!

  • smilingsynic  November 28, 2013 at 19:23:29

    My thinking is that AH highs are rarely made between 1130-1 AM (new AH highs made by then will likely be surpassed later on) I also have noticed that 8 PM seems to be the end of the opening range of sorts for AH.

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