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Futures, E- Mini S&P 500, July 9, 2014

Updated on July 9, 2014

5 minute chart

E-Mini S and P 500

July 9th, 2014

09:30.

Market was in a trading range during premarket hours, there was not a clear trend in order to fade at the open. The market opened with a strong presence by the Bulls, which was countered by the Bears in bar number three. This was a deep move that carried the market all the way to the low of bar seven. At this moment inertia was with the Bears; thus, strong resistance by the Bears would be found at the first pullback to the moving average.

10:00.

Previous premise was fulfilled at the top of bar eight, at which point a new short play from the high of bar eight to the low of bar nine.

10:20.

The closing of bar 11 on its high indicated a shift in inertia to the Bulls. These was emphasized with the bar number 13 closing above the bar number eight high. At this point the market is always in long.

10:40.

A strong buying climax to the high of bar 15 left an opportunity for Conservative traders to reengage in new longs at the moving average. The bottom tails on bars 18 in 19 manifested such intentions by the market participants. However, with the selling of bar 21, inertia was no longer clear and two-sided trading is apparent.

11:25.

The market will attend a double bottom with Bar 21 and reengage in a bullish trend. The bottom tail in bar 26 notes the support for this premise.

11:45.

The bullish micro channel from bars 29 to bar 32, inertia was declared with the Bulls once again. At this point conservative traders will buy pullbacks. Thus, higher prices have a 60 x 40 probably.

12:30.

Markets appeared in a two-sided trading since today the FOMC meeting at 14 00 is waited for by the market forces. Not until then we will see any major price fluctuations.

14:00.

FOMC minutes have been revealed, prices have come alive, and at this point conservative traders will let the market settled down.

14:10.

Market is experimenting in wild price swings in order to determine its direction.

14:20.

At this time the Bulls appeared to have the upper hand, with bar 58 closing near its high, therefore, traders will make emphases on the buying side.

14:30.

The market is looking for calibration of the prizes in order to determine a general trend. A reliable play lies on the side of the Bulls at the moving average; thus, more information is needed in order to establish a compelling narrative.

14:40.

Market has entered into a trading range, with a probable re-engagement by the Bulls at the moving average. Due to the presence of bar 58, inertia can be declared with the Bulls.

14:45.

Two-sided trading is prevalent at this moment. However, inertia still remains with the Bulls.

14:55.

Inertia remains with the Bulls, however, we could be looking at resistance levels for the day. Notice that the market has not gone beyond the high bar sixty, which indicates that the Bulls are not convinced at this time.

15:00.

Still no clear direction for this market, thus, the best thing to do at this moment is nothing but to wait for more information.

15:10.

Clear signs of resistance are becoming apparent, thus, the closing of bar 68 could hint of what's to come.

15:15.

Bar 68 close near its high and above bars 66 and 65, declaring the Bulls as stewards of the market. Still, if bar 69 closes below its midpoint, resistance is on the buildup.

15:20.

Bar 70 closed near its low along the moving average, support is to be expected for a scalp play by the Bulls. More two-sided trading is expected the last half hour; however, accumulation of selling pressure could be consider if bar 73 closest near its low.

15:40

Selling pressure is accumulating, thus, the prospect of lower prices, have higher probability than higher ones. At this point, the algorithmic probability of price action calls for a run by the Bears from the high of bar 75. Thus, creating the prospect for a double top with bar 69, that could lead prices lower at the closing of the day.

15:45.

Selling pressure is in evidence with the closing of bar 76 near it's low.

15:55.

With the closing of bars 77 as a doji, the Bears have lost momentum, and the closing could experience a rebound by the Bulls.

5 minutes chart

15 minute chart

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