ES-09-12-08

COMMENTS: I expect the market to be down hard today. Yesterdays impressive 340 point turnaround in the dow had a negative advance- decline! Although i suppose i could claim victory at the achievement of my long sought after 1210-1211 being hit(1211.25 basis sept.)I just dont see the signs of a real tradable bottom. The vix never made it past 26.25 and on a good bottom it should spike over 30. Im expecting a general trend up into the election, since this whole bear market we havent tested the 200 day mov. avg.(currently at 1350) even once. So has the 45 day cycle bottomed? have we started our expected rally? Time will tell, but one last thrust down would not surprise me.

Brad's support/resistance levels: SPY 123.90/126.20 DIA 113.40/114.85 QQQQ 43.15/44.20 IWM 70.95/72.10 YM 11290/11480 NQ 1760/1805 ER 710/725 ES 1265-R1 1225-S1 1235-PP

This is the ThinkorSwim shadowtrader (Brad) s/r areas for 9/12

order to buy 2 @1236.25,3 point stop. reasons: multiple projections(1 min. to 15 min. between 1235.5 to 1237.25), oversold shortterm,but i wont take the trade too close to the pit open!

selling one here....1238.25 area

wow, filled 1238.25 right before it jumped..grrrr.. exiting remaining around 1240

out 1240.25.. 6 handles on the entire trade... now up 10.5 today. Nice start.

U of Michigan consumer sentiment and business inventories at top of hour

quote:

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Originally posted by prestwickdrive

U of Michigan consumer sentiment and business inventories at top of hour

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THANKS!! I had set an alert it didn't go off and I forgot it was out @ 10:00

next sell zone 1244.75- 1245.50. 10:14-10:17 eastern.Next buy zone would be 1228-1232. Watch your technicals!

single ticks from yesterday between 43.5 and 49.5

prestwickdrive,
how do you trade the single ticks from previous day?

I agree Bruce. I work a full time job and do trading only on the side since I am still learning the ropes. All you guys have so many great ideas but usually I have to sort through the trading posts to try and learn them. I know that all of you are busy trading in the day but even if you can impart some knowledge at the end of the day in a separate thread, it would be very useful to novices like me.