Trader's Daily Notebook: Bulls Get Another Shot

Tuesday's dip buyer was obviously disappointed with Wednesday's E-Mini S&P 500 futures (Es) auction, but there is a very small silver lining. While Wednesday's decline did retrace roughly 50% of Tuesday's overall advance, the bullish gap is still in place. If buyers manage to sharply and immediately reject any test of 2430 over the next two days, the bulls might have another shot at recapturing the 20-day and 50-day moving averages (MA).

Daily S&P 500 Futures Volume Profile
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Speaking of the 20-day and 50-day MAs, longtime readers know I tend to get bearish once the shorter timeframe 20-day MA crosses beneath the intermediate timeframe 50-day MA. Because I tend to operate between those two timeframes, I'm far more concerned with that cross than the more popular 50-day MA and 200-day MA golden/death cross....529 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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