Henry Ford's MarketWatch LIVE!

3:26 PM
UPDATESTILL RANGE BOUND!!!, but all of this goes to give more time to absorb this week's gains...We have formed a nice pennant on a long flagpole at this point, so we will be looking for a breakout here by Monday.

:: Henry Ford ::

2:59 PM
UPDATEStill no direction...maybe after 3PM....didn't even get a bubble today.
:: Henry Ford ::

12:15 PM
UPDATE Just dribbling sideways into the lunch hour...don't expect much till 2:2:30 timeframe...good chance to wash the car or take a nap.MACD and RSI indicators are coming back into normal ranges...we are due a cycle low late today or early Monday which should be the correct setup for a renewed rally. We can bring the RSI and MACD down to low levels by either a selloff or by time, since they are heavily average based....we prefer to wait as the alternative.
:: Henry Ford ::

10:40 AM
UPDATE Still fooling around here...Here is the SP with trenlines superiimposed

:: Henry Ford ::

10:11 AM
UPDATE Still consolidating here, but things look very good for a launch once we get SP above next resistance line...
:: Henry Ford ::

9:10 AM
UPDATEI am constantly asked why I concentrate on the SP Futures and the QQQ. The reason is that these indices are the real drivers for the markets these days...The DOW is the most widely followed as a world wide indicator, but it really is for the most part a tagalong...When Commercials trade, they use the ETFs as the main trading vehicle against baskets of stocks which remain their core holdings. Close to 50% of all trading in the last couple of weeks has been Commercials program trading these funds. While we can see divergences at times because there are so few stocks in the DOW, and one or two stocks can make dramatice swings in the index, they ultimately have to get back into synch. Ultimately by following the Q's and the SP you can best pick your times to invest in component stocks...
:: Henry Ford ::

9:05 AM
KEY TIMES DURING THE MARKET DAY FOR TRADERS
As you will see, there are key times that we look for during the trading day as being pivotal. Most days, the action centers around those times. Other times of the day are more suitable for a trip to the gas station or lawn bowling; Here are the pivot times we look at for signs of life: (All times are EST)
9:30-9:50...Approx first 20 minutes of trading day. Time when beginning traders lose money on whipsaws and experienced ones capture quick profits. Avoid if you are the former.
9:50-10:10..Oftimes a period of reversal for early morning trades. Market begins to settle into reality as early morning traders take their profits and swing traders look for opportunities.
10:10 to 10:25...usually a continuation of whatever trend was set up in last period.
10:25-10:35 ...A decision point for traders. Many times a turning point reversal or accelerated continuation of previous setup.
11:15-2:00...go bowling...this is the "dangerous time of day" . Traders lunch out and scalpers try to push the indices around to make a quarter here or there.
2:00-2:30...market usually begins to pick up steam:
2:30-3:00...called the 3:00 bubble, even on weak days can show strength into the next pivot point
3:05..if last period was just a bubble, will begin to break here, Otherwise can be a good pivot point.
3:25-3:35...for trending days, this is the time when trends tend to play out
3:40-3:45...can see reversals or acceleration into the close. Reason is that all floor traders have their MOC orders in and everyone has a pretty good idea where the closing range will be.
:: Henry Ford ::

9:03 AM
UPDATEWe will keep a close eye on that falling wedge formation this morning on the NDX (or QQQ) if you follow the proxy and will let you know when it looks like the breakout may be imminent. I'll throw up a chart after the open.
:: Henry Ford ::

8:57 AM
UPDATE Good Morning....Overseas markets took a pounding last night with the Nikkei down over 330 points, but despite overnight trading which saw the SP futures down 10 points, we have now rallied back to positive territory in preparation for the open. Chip equipment stocks bidding up early following as Goldman Sachs upgrade of the group. While Goldman does not believe fundamentals are likely to improve in the near-term, firm says that funds flow and seasonality may drive a meaningful move in the stocks.

[BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: +12.0. The pre-market tone continues to improve. Look for the University of Michigan Consumer Confidence Index due out at 9:45 ET to provide some direction soon after the open. Yet keep in mind this will be the revised number for July which tends to induce a more muted number than the preliminary read. Consensus estimates are for a revised reading of 86.5 which matches exactly with the preliminary number released earlier this month.

:: Henry Ford ::

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