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.

we also have an unfulfilled 80% rule from Wed. to 59.25

downside proj. to 1247.5-1248.5 at a minimum,but we could easily see 1242 area again.

that sounds great kool! you do quite well and you would be a good source to learn from.

Should trend down for (longer term scalpers)into 12:12 time zone.15 min. now also on a sell

Ps : theres my first resistance area!Longer term boys would still be holding with a stop around 1253.00 for a profitable free trade.Make that 1254.50, just in case!

I would exit down here, for scalpers... take the money and run! BUT all my above comments hold. 5 min. not oversold but its getting close. I have to go , what a week! GOOD luck to all my friends!(hey, did any body take that trade?)

Notice here are two divergence's close together in the Tick avg's.

Todays IB break out was passed until 11:00 passed 10:30's high, because the first hour failed to first penetrate 48 (monthly pivot) Still targeting the 64ish area (monthly VAH)

cycle low bottomed 12:15, (3 min. late). Cya gang!

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Originally posted by day trading

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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?

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I'am not going to post anymore

80% rule in effect, 23 is the lower end of the Value area, but theres some positive divergence in the Ticks....

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.