ES short term trading 4-27-10

Originally posted by PAUL9

koolblue,
1196 and change number (I assume you are referring to your 30min bar chart above) it's a tough call but it looks like a short-term magnet

Isn't there a Bruce M air bar (no overlap) on 5minute. I am looking at the big down bar that completed at 11:30am EDT. Open on that bar was 1196.50 right in line with your chart.

another price point in that area is 50% of today's RTH range, 1195.75.

IMHO, the dramatic drop probably will have to see today's Low retested either later today or in the AH or early tomorrow morning. The retest is nothing I can quantify, but after looking at charts for years and years it seems like big fast moves in a direction create a counter move and then a retest of the extreme pric point.(big moves up or down).