Boomerang Trader

Friday’s slam lower see’s support Monday

Posted on 20. Jul, 2010 by Johnnyr in Daily Recap

Good morning,

The market took a big hit on Friday’s Option expiration when most were feeling pretty bullish with earnings season upon us.

The Daily Directional Forecast had cited strong underlying bearish bias so it was no surprise when the market got hit to the downside.

On Monday Mohan stated in the DDF to “watch for lower prices into the first hour with support at 1058.50 and rebound from there” which is exactly what occured.

The charts below showing Friday’s action give a clear example on how the Boomerang Trailblazer and Bias line with matching colors held the early pullback all the way down.  This was also the case in mid session although there were brief rebound attempts shown on the comments.

Monday turned out to be just as forecast in the DDF with the Boomerang signals shown.  So check out the charts below with my comments.

Thanks for checking in……Trade Smart with Boomerang Scalp Trader

Tags: day trading, e-mini, emini, indicator, S&P 500, scalping