2:59 pm EDT: The Announcement was released at 2:16 pm, whereupon the ES traded down 2.5 points to 1108.50, retraced most of that, then continued down again. All in all, the most tepid response we’ve seen since the June 09 Announcement. The ES looks like it’s finding support just above the upper end of today’s value range of 1105.25; however, longs are aggressive because of the statistically bearish bias to this time of day after an FOMC Announcement. Were we to be long, 1104.00 is a good stop. If it breaks, there is a small but real chance of a selloff down to the weekly pivot of 1096.50.
Recent Comments
- Bob English: Yes, 1094.50 is the half gap–unknown until the open at 9:30 am. Close to R1 at 93.50, so we have...
- Jeff: 94.5, is that the 50% gap retracement? …or is my math off…
- sdg: I had to clear cache in TS to get it going again.
- Jeff: Snooze-fest alert. Wake me up at dinner time.
- Bob English: Thanks ahmedm. sdg, we had some problems earlier in the week with charts loading.
- sdg: TS has been bad so far. Charts won’t load.
- ahmedm: Another great call; I am watching 1082.25
Disclaimer: The information presented on this site is for educational purposes only. No personal trade recommendations are being made hereby. Trading futures is highly risky and you can lose a substantial amount of money. Past performance is not necessarily indicative of future results.
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Copyright © 2009 The Precision Report
sdg
on December 16 2009 at 17:11:07
Your reminder of the statistically bearish bias time-frame kept me away from long trades. Right after your post market spiked up and trapped a lot of bulls before heading down.
Bob English
on December 16 2009 at 17:28:19
Yes. We’ll see what happens overnight now.
Pre-open eMini S&P 500 Morning Report | The Precision Report
on December 17 2009 at 09:58:41
[...] a return to at least the weekly pivot at 1096.50, which was why we picked this as a downside target yesterday afternoon. [...]
Pre-open eMini S&P 500 Morning Report 12.17.09 | Wall St. Cheat Sheet
on December 17 2009 at 18:23:27
[...] Medium Term Analysis: As expected, the FOMC did not make any waves yesterday, though they did shorten the time frame for winding down Agency and Agency MBS purchases (QE) from the end of March 2010 to the beginning of February. How the mortgage markets will function without the Fed as market maker remains to be seen; however, that is beyond the scope of the medium term. We still expect an end of year rally, but it looks like weak longs need to be shaken out first. After the ES failed to take out weekly R1 three days in a row, it was a good bet that there would be a return to at least the weekly pivot at 1096.50, which was why we picked this as a downside target yesterday afternoon. [...]