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Michael Noonan Edge Trader Plus Michael Noonan is the driving force behind Edge Trader Plus. He has been in the futures business for 30 years, functioning primarily in an individual capacity. He was the research analyst for the largest investment banker in the South, at one time, and he... More
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  • S & P - Moving Quickly. Needs Confirmation 0 comments
    Jun 21, 2011 7:35 PM
      

    Tuesday  Summer Solstice 2011

     Price shot up quickly on Tuesday, slicing through the half-way
    retracement resistance area of 1287, and there was no give-back
    in the gain, a show of strength arising from weakness.  A buying
    opportunity may be at hand.   While the daily chart from yesterday's
    article was not the strongest formation, we qualified the analysis as
    hinging on the weekly chart, where the trend was clearly up. 
    [click on http://bit.ly/kGfEfS]

     Price did not stay within the trading range, absorbing the selling of
    the past month.  Instead, it rallied straight up and stayed above the
    resistance. 

     S&P 60m 21 Jun 11

     When a buying opportunity presents itself, it becomes more
    imperative to look at the smaller time frames for timing of entry.  
    What we want to see now is a retest, one with smaller ranges
    and lower volume, to indicate that selling pressure has dried up. 
    Of course, if the next retest shows larger range bars down and
    increased volume, at the same time, the market will be saying
    that more work needs to be done to absorb the sellers.

     Lock and load time.

    Comments can be addressed to mn@edgetraderplus.com
    Website:  www.edgetraderplus.com

    S&P 10m 21 Jun 11

    Themes: S P, SPY, QQQQ, Dow
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