The S&P 500 Emini Futures traded higher on Globex due in large part to Apple's (AAPL) better than expected earnings. Apple shares (NASDAQ:AAPL) were up 7% in after-hours trading following the report. The stock had dropped 13% since hitting an all-time high of $644 on April 10. Shares were down 2% at $560.28 at the close today prior to the release. Perhaps the old adage "An Apple a day keeps the Bears at bay" is true after all.
Trading In The Zones
Just yesterday the market came within 1 point of our lowest Weekly Trading Zone. It is a very rare occasion when prices trade outside of our Weekly Zones. It is even more rare for price to close the week outside the Zones. The fact that we traded within a point of our lowest Weekly Zone on Monday either meant we got it very wrong this week, or the market had a nice rally waiting in the wings.
We never know what corner of the world the news will come from to confirm our technicals. Whether it's an earthquake in Japan, a Tsunami in Indonesia, or merely an Apple "not" falling from the tree in Cupertino, we are always astounded as we anxiously await its arrival. Today is yet another prime example of the phenomena we like to call - "Trading In The Zones".
The pent up energy this morning was quite obvious as you can see on the chart below-
ES Emini Hourly Chart 04/24/12
The chart above clearly shows the point I wanted to convey, however, I do want to give you a "cleaner" look of the last 2 trading days. To view the next chart you will need to Click To Enlarge.
S&P 500 Emini Futures
The video results you are about to watch are pretty boring. Mundane at best. It's the same old predictable setup, time after time after time. Some men say that's not possible when what they themselves suggest is simply another variation on the same old thing.... again and again and again.
Perhaps the only difference would be is that we happen to find the same old thing on the same old chart, day after day after day. So where some would say "Not possible", I say that to attempt to defy the very underlying nature of what makes a market a market would be "Impossible".
What say ye fellow trader? Watch the video and use the comment section below to share your thoughts, comments, ideas, suggestions and good natured laughter.
ES Emini 04/24/12
39 Points Maximum Potential
10 Points Realistic Potential
Live Emini Trading Room Results
Here are the result of the last 3 days. To view the results all the way back to August 1, 2011 visit our Live Trading Room Results section of the web site.
Thursday April 19, 2012
Friday April 20, 2012
Monday April 23, 2012
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