The early part of the US session proved once again that for index traders it’s so important to take advantage of the money days, which is what we saw last Friday with the indices all tanking. Today’s day trading session was much more typical with the early bearish sentiment seeing the three main indices move lower, but with little in the way of momentum. It’s a case of patience and being light on your feet, in and out. Later in the day the indices reversed to end the session higher, following the strong hammer candle on the 30 minute chart which found support at the 25,580 region, a price we had watched closely and clearly defined by the accumulation and distribution indicator with a deep region of potential price support which indeed came into effect in classic style. This duly provided the necessary technical platform with the indices in general closing higher at the end of the US session.
Charts from NinjaTrader and indicators from Quantum Trading
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