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Charlie's Comments:
The market traded according to our analysis until 116-04 was retested the second time. 116-04 proved to be good support and as the day progressed the shorts began to cover. This took the market to new intraday highs into the close. If the ES continues to trade sideways or lower, the Bond is set to trade higher. No news tomorrow to drive the trading. The focus should remain the direction of the ES. The recent low at 115-135 could have been the retest of the bracket’s lows from 2/25/08.
Josh's 2 Cents:
Low volume bounds the market around 1386. Volume is going to be attracted to that area. Look to trade the range aroung this area. Low volume moves to the north or sounth is going to be followed by a return to the mode - Volume accelerating at the edges should not be faded.
From the TradeMaven Software, Volume Weighted Pivot - Support - Resistance Numbers for 22 April:
Upcoming Reports:
Tuesday
ICSC-UBS Store Sales 7:45 ET
Redbook 8:55 ET
Existing Home Sales 10:00 ET
State Street Investor Confidence Index 10:00 ET
Wednesday:
EIA Petroleum Status Report 10:30 ET
Thursday:
Durable Goods Orders 8:30 ET
Jobless Claims 8:30 ET
Help Wanted Index 10:00 ET
New Home Sales 10:00 ET
EIA Natural Gas Report 10:30 ET
Friday
Consumer Sentiment 10:00 ET
What is Inside Edge?
A comprehensive trader’s education forum focused on e-Mini S&Ps and U.S. Treasury Bond Futures. TradeMaven’s Inside Edge features the necessary analytics and execution information in one place to speed up your decision process, keep you on the right side of the market, and eliminate so much of the noise that surrounds trading today. This unique forum is the brainchild of Charles Cochran – a trading pro who has spent the last 15 years fine-tuning a proven methodology that eliminates extraneous information and concentrates on the market activity that matters: the market activity that foretells the market's next move.
