US Market Pre-Open 2010-11-4
By News Robot| ES | NQ | |
| AH High | 1209.25 | 2184.00 |
| AH Mid | 1202.25 | 2173.13 |
| AH Low | 1195.25 | 2162.25 |
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First 2 auto posts failed. This one works, finally.
The market finally tagged the all important higher timeframes (quarterly, monthly, weekly) upside target.
A break below 1200 with that acting as resistance to start a selloff, below 1100 is the first target.
Once we are sure the auto posting mechanism works, we can produce useful updates and summary info on a timely basis. Yeah!
NQ in progress to fill half the gap.
AH Mid will be important level to watch.
New high in 11 am slot. Potential run away day in place.
When dealing with a day like this, the key thing to do is to find out the price level above that the market wants to tag today.
For example, today SPX so far is up 18 pts.
The average daily range is 12.75 pts. (If you do not know this, look it up in the daily cheatsheet)
So 2x would take the mkt up 25 to 26 pts before it stalls.
SPX target zone = 1198 + 25 = 1223
Range is too tight for a melt up day like this.
ES 8.5 pts only so far
Got lots of work to be done at the office thus cannot monitor the mkt until after 3 pm.
Waited for the market to finish its job – hoping for a close at the high.
ES did it – as I said in the comments, it has to finish the upside target for the day before it can stall.