Oscar is bearish. Accuracy = 3/5.
US INDICES (ES, NQU2012) September 2012
Posted: 07/11/12 22:12 OST/EST
For Trade Date: 07/12/12
Sorry to bear bad news but…
The OMNI posts another RED ARROW for trading on Thursday in ES and NQ.
The market looks weak already as I type this. We are “hoping” for a bounce to let us in before this drops. As always technical analysis is not “fool-proof” Make sure you use protective stops at all times.
I will issue a Flash update to alert you as we approach the OMNI entry levels.
Last nite short is risky coz at channel bottom, and a rebound feared has happened, thus price shot up to 2570, killing any short trade around 2560. We avoided this loss, and today we are stil cautious on technical rebound due to MACD bullish diverce from 60min chart. we wish to short @ higher ground eg. 2590-2600 area.
If price enters above 2570, its MACD long signal. Thus to short is contradictory, unless its much higher. Thus its consistent view with shorting at higher ground of 2590-2600. 2570-2590 can be a rebound area, not safe for short. But risky to long either.
Below 2550 can be a short pt, having no immediate support in both 60min / 15min chart.