Stock, Option and Futures Trading

Stock, Option and Futures Trading

AMZN & GS Blue Bars – ES-NQ

GS weekly 105 calls had a huge range today of .17 cents to $1.80 –  958% Range today!

AMZN Weekly 185 calls also had a big range of $1.00 to $5.80-  480% Range today!

AMZN Weekly chart had symmetry support on the $170 low and Daily Blue bars.

GS has Weekly blue bars at the $90 low-

The blue bars means that the move is most likely over so it is a good tool to confirm the buy levels. Looking back on GS you can see the prior low in 08′ also had blue bars and you can see GS moved from $50 to $190. We would say that GS could be putting in a important low right now and could easily make it back to the $145 level.

We noted GS with posts the week of  10/10/11 . We played a quick pop on it then looking for a bigger wave as it retraced the $118 high. GS closed up +6.63 points.

AMZN closed up +7.78 points today off the Daily blue bar lows.

The NQ broke and closed above the the 2410 which is a important level. We have been saying that we have yellow bars on the weekly chart which says a big move is coming. There has been support all the way up to where we are now so the odds would say we break to the upside. The question now is if we get the follow through from this level or retrace back to 2300 before making the move higher.

The odds would say we go to 2484 before having a pullback.

The TF could be the symbol that holds that market down at the 800 level so we would watch that level.

The ES breaking above the 127 bar high to high and 62 bar low to high does say we broke a important level of resistance. Overall I would be careful if you are short but then again I can be wrong just like everyone else and we have a false breakout. I would not be betting on the false breakout at this point the charts like AMZN, GS and many others still look too bullish.

127 bar/ 62 bar post

Happy Trading,


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