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.

quote:

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Originally posted by redsixspeed

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

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redsixspeed - have you checked with ThinkorSwim/Brad that it's okay to post his levels here?

LOL ...sometimes i scare myself. 1244.75 at 10:17(note above post).short one @ 1244.75 but i plan a quick exit! 5 min. chart not overbought enough and 15 min. not even close!

I am still a MP novice but for me the single tick extremes tend to act as support or resistance but if you break into them with authority they tend to fill as there is relatively little headway as the market didn't trade in that zone for long.

out @1243.75 1 point... up 11.5

Thanks for the reply. Does anyone watch the market depth to trade?

You mean the realtime bid ask tables with the amounts?No, tied it years ago, but too much hanky- panky goes on where the locals put in phoney bid ask amounts to skewer the results and then cancel them . Seen it happen often!

I see. thanks.

selling 1247.00,

Finally in.short one @ 1247.00, tight 2 point stop. looking for 1242, but youknow me. ILL bail much earlier!

Ill jump ship at 1244.25 if given the chance

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.