anyone trying shorts??

Up here at 845 ES....S&P is holding back this rally today...where the HECK is my plus or (hopefully) minus 8 - 10 range? has everyone gone to 24 hour trading???

ledge at 906.50 on this consolidation day....still selling till proven otherwise....watching noon close to see if outside vah and open print

only challege for me is that ticks skewed to upside

funny as I wrote that the ticks are trying to break down.....

while I'm boring myself to death : man that is one huge consolidation between the 905 and the 912 over yesterday after noon and this morning.....we know the market alternate between range expansion and contraction....so we have the rally and then the pause...so the key question is this just a pause before the break higher or is too much time being spent at these prices and the retrace will happen...

the early strength and run of the NQ's compared to the ES range activity has me wondering if we do breakout on the ES to the upside ... even small magnitude move and for a short time, if the NQ might be the best bet as the trading vehicle to be long. Perhaps a better pop/run for a decent scalp?? But NQ's may have already made "their move" and are now more in sync with the rest of the mkt.

In the end, still really looking for an ES short ... espec at a retest of 14-15 area espec if price action appears to not have much "buying juice" behind it.

the YM is really lagging here today......if we closed this 30 minute bar right now we would have a double top at the highs at the same price...so it seems to me they will need to clean that up but I'm still selling these rallies........as usual the runners are getting stop a lot today..we certainly don't want to see the 30 minute close above the vah, the open and the high made yesterday.....I'd like to see a break of that 60 minute high and a close back inside the 60 minute range

with lackluster price movement, it looks like NQ has fallen back in sync with rest of mkt. Still looking at range trading and an ES short at 914-15 unless it slowly trends up there intraday ... which means we've been holding sideways and relatively tight for a longer time which starts to tilt thinking more about a breakout type of move with some follow thru ... espec. the further into the pm we go. My 2 cents for now FWIW ... not all that confident on my read as of now.

what jokers...they know we are all watching that 911 area......double top now is confirmed at 912.75......always a challenge when we have the ledge below and the double top.....once again the $tick are trying to get some selling going..perhaps this time with Nq on board the will actually move it down..but then the concern is that crappy top.....not complaining though...the consolidation day was expected so we take what we can

no kidding ... and it's just like yday, IMO, that the mkt would need a break below 905 that holds below it to attract more sellers ... just below that "ledge" you referred to Bruce. Right now it's in a "holding" pattern and screaming sideways. 5min chart is a great picture of that. Was expecting a test of 14-15 but didn't get there and has more of that double top look mentioned. Gonna wait for the market to telegraph "something" ... I hope.

Ah, but then there's 900 area it'd have to get thru ... where there's VA lo, a price action support line I've got and today's PP. I think I'll trim my comments back as my "read" is so mixed with what I'm looking at ... but will be biased to shorting in the range for now.

quote:

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Originally posted by BruceM

overnight hit weekly R1 at 914...also Reds projection.....nice call Red!!


EDIT : Red had a projection he made last week at 914...seperate from the weekly levels

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Thanks Bruce;

This was a long term projection from the 877 area that didn't
show up in my short term projection until end of last week.

Just about perfect - perfectly wrong that is!