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I have been following the overnight action in crude futures... Further weakness, as well as continued weakness on the e-Mini SP500 contract. If crude continues to slide tomorrow, I would be careful.
Sep 02 21:59 pm
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All Comments by daniel3582 »Closing Update for Wednesday, September 2: Slide Stretches to Day 4 [View article]
The probability of registering a DeMark perfection buy on the crude contract tomorrow is almost 100%. It will, unless the contract closes above $69.57 tomorrow. Highly unlikely.
The perfection buy is registered as a result of price being unable to break through the previous TDST price support that was set at the last big rally upward.
Keep in mind, we will have renewed strength at the open... hourly charts are showing a buy as well - however, since we are in a daily bar downtrend I would not use this information for more than a day trade opportunity.