iBankCoin
I turn dials and fiddle with knobs to hone in on harmonic rotations
Joined Oct 26, 2011
3,615 Blog Posts

A Fresh Look at Market Auctions

The behavior of the equity markets last week cleared up any uncertainty as to whether or not everyone was back to doing business.  Volume increased in most instruments and move have increased in size and speed.   Both the NASDAQ and the S&P have been chopping around which creates opportunistic conditions for day traders.  These benign conditions have allowed individual pockets of momentum to make large runs too.

I spent the weekend building out a few new charts since Mirus futures and Ninja trader will not be working properly any time soon.  The first chart is 30 minute candles of the S&P 500 via the /ES contract.  I am using the 30 minute bars to simulate the TPOs of market profile.  I am doing so with high quality tick data which produces a very accurate volume profile.  In this chart we can clearly see the intermediate term balance occurring since 12/20.  I have highlighted the low volume nodes of this chart, as I feel they present strong opportunities for traders to position their books and also observe sentiment:

ES_VolumeProfile_01132014_to_12202013

Next I have made RTH volume profiles for the NASDAQ via the /NQ contract.  These will assist me in observing the day session and who is asserting control of the tape.  We can see price consolidating recently.  The past four sessions have been “P, P, b, b” in structure.  In other words, two short squeezes then two long liquidations, but neither time did the consolidation break.  This is big players wrestling for control. 

At the apex of this action is 3551.75.  This price level has been the scene of many struggles between buyers and sellers and I will be using it as a pivot of sorts today.  I have highlighted this level and my upside and downside targets on the following volume profile chart:

NQ_VolumeProfile_01132014

 

If you enjoy the content at iBankCoin, please follow us on Twitter

11 comments

  1. Randad

    unbelievable clowngrade of $CREE by Stifel dickcheese Nicolaus today. I can see the analyst Jeffrey looking down his nose as he attempts to write this nonsense but it’s out there and wanted you to be aware. happy trading

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • Raul3

      thanks, yes I saw it, these guys know when the charts are set up in their favor. I have my carbon fiber helmet on today

      • 0
      • 0
      • 0 Deem this to be "Fake News"
  2. James

    Can I ask you your average cost for CREE ? Thanks !

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  3. Sooz

    “OMFG”, as DT would say..

    “Liar, Liar pants on ((FIRE))..hangin from a telephone wire..” (song from the short lived childrens program, Big Comfy Couch)..Scalp(?) , my SWEET A$$..hahahh. Un freakin believable..really

    hey do me a fave and tell your partner, Val, that I scooped some IDCC just a bit ago here:
    Status Filled at $27.73
    Symbol IDCC
    Description INTERDIGITAL INC PA
    Action Buy

    took profit in JOEZ here:
    Status Filled at $1.2912
    Symbol JOEZ
    Description JOES JEANS INC COM
    Action Sell

    patience..alright..Goldsocks

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  4. Raul3

    Sooz, sometimes I cannot tell if you are mad at me, or someone else, or perhaps musing all on your own.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • Sooz

      Never ((EVER)) mad at you, Sir Raul.

      😉
      just using your forum to call out some azzwipes from years gone by!!

      • 0
      • 0
      • 0 Deem this to be "Fake News"