Looking to sell ?

This 1047 - 1050 area..lots of volume firing off up here....good day for a gap fill...

weekly R1 up at overnight highs, 1084 area....shorts prefered to retest that key 1077.50......key volume from yesterday was 1068.50 and the closing price was attracted to it.....good longer target if lucky....will be watching the first 5 minutes carefully and overnight high

1084 - 1085 holds the key today.....still expecting a high to low day but that doesn't really matter...watching the 5 minute range and overnight ranges.....overnight showing the "p" pattern so an attempt at the highs seems probable......hopefully they will try for the push up first and then roll over to the downside

Hey Bruce, I too was eyeing the 1085 area and price has ended up stomping all over it so far. Small breaks below were quickly shored up. Any seeming weakness that I felt when watching was fast overcome by buying ... and now it's holding above at 1086 currently here.

Had expected a probe down towards globex lows at the open. Feels and is acting strong for now even though it's stretched short term overbought with this 7 day run up ... and would seem due for some kind of pullback reaction.

Expecting a test of 1090 area on upside ... but have initial support at 1080-1078 area (Globex low, S1[calc on RTH], yday low, price action sup) if current session low is taken out. Not making much else out of things otherwise today. Just a couple of small range-trade scalps so far.

well done MM...we know they love to run out the overnight numbers.....obvious challenge is which one....I don't like following this up but I've been wrong a lot and runners aren't working much magic for me these days....todays RTH voloume chart has fairly symetric distribution so I'm looking to get short up here for the 86.50 retest......now all I need to do is find an entry....I think I dislike after noon trading more than the overnight if that is possible....I have no probabilities to really work with now...and that is a problem for me...

working the 87.75 area on short side in overnight.........lots of action last week in the 85 - 87 so that is critical number...also that 77.50 area...overnight using them both so far today...eventually we will get a good short for our runners

for those who still read this stuff....I like the vertical volume thrusts on a volume histogram......easily spotted on the one minute from the previous days and as the day progresses. Now the cool thing is that these volume spikes USUALLY act as atractors of price. The theory being I guess that somebody acted there ( with big size usually)and got rewarded so lets check out that number again. It doesn't really matter the reason.

On Trend days pice will quickly accept these spikes and just keep moving away with new volume spikes. On most days they will test a spike formed on the same day as we consolidate. These areas that are attractors become the peak volume prices or Volume at price but YOU can see them hours in advance by watching the big spikes in volume.

Currently in the overnight the big Volume spike happened at the 88 - 89 area so that first is telling us that somebody or a group of people are interested in that area ( hence the big vertical volume). Next you will see that the volume at price ( Horizontal price and time) is forming it's node at the same area but the volume spike happened first.

I hope somebody finds some use in this brief explaination.

We also have the overnight forming the "P" pattern as per volume so if they reject this upper area they should try and fill in the lower volume below. Good in theory but actually holding the trade is another issue. Either way we have a good zone to key off of today. Good luck

Bruce

now we always need to be careful when we don't get the sell off in the overnight session we want and we open inside or near the previous days high price as we have good odds that the previous days RTH high or low will get broken...

quote:

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Originally posted by BruceM

now we always need to be careful when we don't get the sell off in the overnight session we want and we open inside or near the previous days high price as we have good odds that the previous days RTH high or low will get broken...

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Hi Bruce,

Looking for 1100.50 today. Plan to sell there if momentum slows.
My point and figure (10pt box) has 1100 target so that's 1100-1109.75

hope you're doing well

Looking at the daily chart of the ES Dec 08 contract, there's a gap from Oct 08 that would be filled at 1102.50 (if my data is correct). Just something to have on the radar fwiw.

Bigger picture daily chart is loosely reminiscent of a rising wedge within a rising wedge "look" using Mar low and also July low ... don't know what that says about market structure these days though.

Mkt currently flirting with Wkly R1 around 1097 ... 1100 perhaps being a psychological barrier/zone.

Overall, 1097-1102.50 may function as a magnet and/or resistance zone.

Just some observations.

Hi MM,

I can't find that gap. Where did you see it?
http://finance.yahoo.com/q/hp?s=^GSPC&a=09&b=3&c=2008&d=09&e=30&f=2008&g=d

tried to upload screen snap of my ES08 data - but no go.

mercury retro?

I SAID A DAY GO IF 1033 DOESNT HOLD WE'LL LIKELY GET A TEST OF 1018-19.50.. STILL FEEL THAT WAY