Here on this Tuesday, we are trading within the single prints from Friday, this time on neutral to mildly positive market-wide internals. Here you can see the overnight session in the purple shades, next to the cash market session in the red shades. You can hopefully spot the two distribution areas in red from the cash session. They are sometimes treated separate sessions if they are very distinct, but not sure about this one. At any rate we are trying to fill out the middle. The main point to show today is that we stopped below where the white line is…ES 3934.25…so you can see that at least for now, they respect that level and one reason why I put 3930 as a weekly pivot. SPX 3900 is still a support level that traders will be watching closely into midweek as it could be a sensitive area for hedging positions as of now. We have a strong DXY today that could be putting a drag on stocks. Not sure if that and the positive RUT small caps will help ASX today.
We have quite a few trading forums @golden6, but nothing quite like HC that I know of. Some people just gamble with blunt sentiment or argue. Many use handles and offer candle formations based on an aspect of male anatomy. This is entertaining to my third-grade mind but not extremely helpful. There is a portion that explain their opinions but, as you indicated, new traders should be wary of anyone's opinion. It doesn't matter how many followers, its often just primal screams. Yeah, I'd say HC is unique in its structure and of course STT is unique for many reasons, not least in that people are polite. As for futures, observing and trading are two different things. I used to feel more like plankton but maybe now a sardine…in a bait ball corralled by hammerheads. We have tuna, other sharks and whales that scoop us all up too. Dolphin will probably stay out of this dirty game. You can learn how too and it's not too hard especially now that they have micros (a tenth the normal mini size). But you may not like it very much and, imo, futures are best used for hedging and for observing the markets in general. You don't have to trade them to understand and appreciate their usefulness in tracking the market for just about anything. Also, if I'm observing and not actually trading, I get a better feel for the market. Just doing intrasession and sometimes overnight futures to bide my time in this two-sided market. Things are perking up here as I send this note so those charts are outdated already.
