Market Update

July 31,2011

On July 14 we posted that the 7/14 low on the NQ had price symmetry support. Even though the market has been wild the NQ has not taken out the 7/14 low while the ES and TF did take out the low. The TF and ES did not have symmetry support like the NQ did.

The post is here:  https://wwweminischool.wordpress.com/2011/07/14/nq-symmetry-382/

In the last post on this blog we said that the TF closed at pattern support and we would be a buyer if we take out the high of Friday on Monday. Well, the TF is up 9 points as I write this so we might get a gap up tomorrow morning. If we do gap up we would look for a intraday buy signal to get into the long position.

NQ we still have 2476 and 2500 as the next target to the upside.

We also noted on July 9th that we were at a short term top and to look for a correction that could complete July 29th which was Friday. On the video we were using the NQ but if you look at the TF chart you will see we had the perfect correction right down into July 29th.

That video is here: http://eminischool.blogspot.com/2011/07/another-fib-timing-video.html

Just because the market is up right now does not mean the market will open higher. The next couple of days are probably going to be wild so we will see how it plays out.

Happy Trading,

www.eMiniSchool.com