Welcome to the video update for Monday, February the 21st. Monday is a US holiday and we will see early closes in the electronic session. The stock index futures will close at 11:30am est. First chart up is the 900 tick Ten Year note which had an aggressive 9/30 long setup. Look at this price pattern on this chart because it is one we see over and over.
Trader Rick discusses the weekly EUR/USD pair chart where we have seen 3 weeks of sellers keeping pressure on this market evidenced by the shooting stars. Last week, buyers stepped in and the week ended with the highest close in a month. Is the conservative 9/30 short still valid? The daily chart paints a different picture. This timeframe has a bullish bias and may be creating a dragon pattern.
In the stock indexes, Trader Rick looks at the weekly ES continuation chart where price is approaching a 1.618 fib extension at just above 1248. No evidence of a retracement on this timeframe. On the 60 minute day session chart, please make note of the support levels below the market. Until these support levels are broken the trend remains up.
Good trading!
Tags: 1.618 fib extension, conservative 9/30, dragon pattern, shooting star
Leave A Reply (No comments So Far)
No comments yet