WB's Target Of $ES_F 1885 Proves Important On A 'Grind It Momma' Kind Of Day

Collective Intelligence!

Snippets: william_blount;  If someone stuck a gun to my head and said say 1 thing about the market it would be this …  Roger “Buy low, sell high”?  WB >> THIS MARKET IS NOT BEHAVING like THRUST OFF A COMPLETED TRIANGLE – TONE IS THE #2 most important thing there is.

Chatter – according to sources Good Harbor Financial did a REBALANCE YESTERDAY INSTEAD OF MONTH END – which is attributed to sharp decline yesterday.
Dudley’s may have given a sneak preview of Fed minutes http://on.mktw.net/1nqOXtT
To each their own: stephen extremes appear after the fact … stockmarketwhisperer no SC … I ride and enter/exit at them.

jack_broz reminder: the roll is starting in bonds/notes (sept is front month 5/29).

Today started with 210k ESM traded on Globex, trading range was 1875.75 – 1866.50. Yesterday’s regular trading hours (RTH’s), pit session trading range was 1865.00 – 1880.70 before settling at 1868.10, down 14.2  handles.

Today’s RTH’s, pit session, gapped 7 handles higher to 1874.80 – 1875.00 marking the early low before bumping and grinding up to 1883.30b at 9:55 – week’s high, Monday 1883. Chicagostock (08:42) vol windows 1871 x 1884. The first 15 minute range ws 1874.50 – 1879.50 area - [VIX] down 8%.william_blount (08:45) SPILL BETTER BE FIXED OR ELSE. Stockmarketwhisperer (08:50) Downside truncated yesterday. clue #1 … now new SUN sign change = CIT for a bit, but staying above 1879 not good for bears … a little momo slippage ok but too long a duration here not good for bears. May retest 73.50 on downside action. 1883 topside fuel max by my work. Chicagostock (08:54) Gap fill 188250 – adding 8275 3pt res – Upper vol window matches w yesterday’s highs, will be a level for stops, and will need to hold above to establish bullish bias. PivotBoss (08:53) major rejection zone between 3625 and 3630 NQ. william_blount (09:08) SPOT 1882.5 – who’da thunk it. Chicagostock (09:21) meanwhile … on the senate floor they are “debating” killing of american citizens without trial ie david barrons nomination …

Jim (09:22) big aces on the 1887 / 1890 there was a previous target that hasn’t been tested on the 86.50. Chance (09:23) 88-90.5 my zone above as well JM. stockmarketwhisperer (09:27) Were entering 3 weeks of extreme volatility. Get ready for crazy ‘foot in mouth’ headlines, confusion, electricity problems and volatile confused markets. Chicagostock (09:28) Need ES below 1880 – Bears need below cash open.. 1880 key first level. jack_broz (09:29) soft early session (bonds/notes) has stalled. we’ll sell bonds 136.26 to see IF mrkt wants to stay soft. BULLISH if 137.01s trade. william_blount (09:28) BEARS MUST KILL THE CASH PRICES GIVEN – last week. Chicagostock (09:29) Intraday pivots (186975-187275) coincide with lower vol window 187100, which makes for double support and pressure to upside. Breach of this support = major failure by longs. william_blount (09:32) if lean proper, rest of the stuff is grinder – gravy in the gap day – 1885 by lunch would be kinda normal. stephen (09:46) 2.545 10 year while the [VIX] was down over 6%. Roger (09:58) [IWM] lows Chance william_blount (09:58) GRIND IT MOMMA.(10:02) NYSE internals been falling all am as well as cumulative delta IN ES … and the [NDX] [DJIA] quietly followed the leaders lower. Chance (10:31) cumulative delta now negative on the day for ES (which is up 11 handles). william_blount (10:36) right now cash double topped friday — so under 1877.4 weekly pivotshould be bearish to 73.5. Chance (10:45) TF getting smacked. Well, the back and fill held the 1877 area at 10:50 before grinding right back up to 1882.50 area at 12:07 and sitting in sideways trade in front of the release of the Fed minutes.

Kocherlakota: Fed Doing a Bad Job …  http://on.wsj.com/1o6Tgyb

PivotBoss midday update http://bit.ly/Sk9iaG  ADR targetshttp://bit.ly/1vHwLlu

*FED SAW NO INFLATION RISK IN FUELING JOB GROWTH, MINUTES SHOW

*MOST FOMC PARTICIPANTS EXPECTED INFLATION AT 2% IN A FEW YEARS

*A NUMBER OF FOMC PARTICIPANTS SAW POSSIBLE RISK IN WEAK HOUSING

1882 area was trading on the release and the futures quietly held before popping up to a new high of 1885.00 at 1:05 – 10 handles from RTH low … (from above) william_blount (09:32) 1885 by lunch would be kinda normal … well, too bad WB did not say the index would quickly drop 5+ handles after touching 1885 and holding … did someone forecast 1879 area being … OK – who yammered about this the last couple of days, SMW?  … BUT 1879 is meaningful as to whether bears have any edge for later in the week … another big shoutout to >> stockmarketwhisperer … today’s close very important … Chicagostock (13:29) 79s yesterday 79s today.

The MiM – MrTopStep Imbalance Meter started a small sell, grew to a modest $220M by 2:35CT as the S&P futures traded a new intraday high of 1886.60. william_blount (14:37)[NDX] high of day = tag the DESCENDING TRENDLINE connecting 3/6 and 3/21 HIGHS. stockmarketwhisperer (14:40) astro fyi > Sun in gemini is schizophrenic on markets…thus volatility/confusion…and fast motion. Going into the cash close the imbalance showed a small sell $90M while another guy had Moc buy $44M … 1885.10 area traded on the cash close before settling at 1884.60, up 16.8 handles on light volume of 1.34M e-minis, while the [VIX] was down 8.1% at a 9-month low of 11.91.

Eco calendars: http://www.investing.com/economic-calendar/    http://www.dailyfx.com/calendar
SAGE INSIGHT … and this is what this collective is all about! >> 5-20-14 Kathy: It is my opinion that one needs to trade their perspective, a group of people will always have a different means of viewing things, the important thing here is to appreciate the matches especially if they’re derived from your own analysis. I’ve seen myself & another trader see totally opposite perspectives and both make profitable trades, different timeframes, etc … FrogMan (13:20) Kathy match. It’s all about finding a trading style that fits. Its a mental game after all …