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Re: [RT] Low pivot

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What did we learn from today's action - Nothing.! The range on all indexes was inside the range of yesterday. More negative than expected pre open reports set the bearish tone for the markets. Bias was very bearish early on and day traders should have been looking for shorting opportunities. The good news was that despite the bearish tone, we did not trade lower than Wednesday. There were two good short opportunities on the five minute ESH09 chart.
So what about tomorrow. Well there are no scheduled reports in the morning to spoil the bias so we should have an opportunity to go up. I expected this group of Near Impulse dates to mark a bullish reversal but we have moved sideways instead. As usual, it is OK to anticipate what the market will do but the wise trader let's the market confirm the anticipation so I will be watching the premarket and bias for my clues.
Regards,
 
Jim White
Pivot Research & Trading Co.
PivotTrader.com
----- Original Message -----
From: Jim White
Sent: Wednesday, January 21, 2009 6:44 PM
Subject: Re: [RT] Low pivot

A close down is not as significant as the high and low. Higher highs and higher lows will indicate an improving sentiment concerning market valuation. Of course if we close below today's low, it is a different story.
Jim
----- Original Message -----
From: Ben
Sent: Wednesday, January 21, 2009 5:55 PM
Subject: Re: [RT] Low pivot

we most likely close down tomorrow after visiting intra day hi of 849.3-855
Ben
hi on 1/26 could be as hi as 875-885
sos timing service
----- Original Message -----
From: Jim White
Sent: Wednesday, January 21, 2009 1:51 PM
Subject: [RT] Low pivot

Today and tomorrow are Near Impulse dates for the major indices and trend change warnings are flashing on all daily charts. I expect a low pivot and  upward movement out of this pivot.
Experience has shown that less likely alternatives are a change to sideways movement or an acceleration to the bear trend. Right now this is shaping up as a low range day so if it continues, low risk entry points should be available tomorrow.
 
Jim White
Pivot Research & Trading Co.
PivotTrader.com


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