{"id":433,"date":"2009-06-03T06:30:45","date_gmt":"2009-06-03T11:30:45","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=433"},"modified":"2009-06-03T06:30:45","modified_gmt":"2009-06-03T11:30:45","slug":"before-the-open-25","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=433","title":{"rendered":"Before the Open"},"content":{"rendered":"<p>Good morning. Happy Wednesday.<br \/>\nSo far this week we\u2019ve had a 1-hour uptrend on Monday morning and 12 hours of sideways, range-bound trading. Overall the charts remain in good shape. We got clean breakouts on Monday, but it\u2019d be nice to get some follow through and separation from the former resistance levels.<br \/>\nGary jokingly asked yesterday on the message board what percentage of days the market closes at an extreme (either intraday high or low). Using the S&#038;P 500 emini futures contract to crunch the numbers, here are the results.<br \/>\n<b>The percentage of time the ES closes within X% of the HOD or LOD:<\/b><br \/>\n13% of the time it closes within 5%.<br \/>\n26% of the time it closes within 10%.<br \/>\n37% of the time it closes within 15%.<br \/>\n48% of the time it closes within 20%.<br \/>\n59% of the time it closes within 25%.<br \/>\nSo the ES closes within 20% of its H or L 48% of the time\u2026so if the range is 16 points, there\u2019s a 48% chance it closes within 3.2 points of the H or L.<br \/>\nIf you\u2019ve noticed we often get an end-of-day move into the close, don\u2019t be surprised. It happens often. In fact it happens often enough that a day trader could make a living focusing only on the late-day movement.<br \/>\nMoving on, here\u2019s the S&#038;P 60-min chart. Other than Monday morning\u2019s unfilled gap, this chart looks great. Don\u2019t over-analyze the market. The intermediate term trend is up.<br \/>\n<img src=\"http:\/\/leavittbrothers.com\/stocks-options-futures-trading-before-the-open\/images\/spx060309.png\"><br \/>\nheadlines at <a href=\"http:\/\/biz.yahoo.com\/apf\/archive.html\">Yahoo Finance<\/a><br \/>\nstocks to watch from <a href=\"http:\/\/www.marketwatch.com\/story\/stocks-in-focus-for-wednesday-200962191400\">MarketWatch<\/a><br \/>\ntoday&#8217;s <a href=\"http:\/\/briefing.com\/Investor\/Public\/Calendars\/UpgradesDowngrades.htm\">upgrades\/downgrades<\/a><br \/>\nyesterday&#8217;s <a href=\"http:\/\/leavittbrothers.com\/leaders-laggards\/2009\/06\/02.cfm\">leaders &#038; laggards<\/a><br \/>\nthis week&#8217;s <a href=\"http:\/\/leavittbrothers.com\/economic-releases-earnings-reports\/2009\/05\/31.cfm\">earnings &#038; economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Wednesday. So far this week we\u2019ve had a 1-hour uptrend on Monday morning and 12 hours of sideways, range-bound trading. Overall the charts remain in good shape. We got clean breakouts on Monday, but it\u2019d be nice to get some follow through and separation from the former resistance levels. Gary jokingly asked [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/433"}],"collection":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=433"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/433\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}