ES short term trading 4-30-10


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  • koolblue
  • 30-Apr-2010 at 7:16 AM
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Ok, we know that we just had a 40 point decline. Since new highs on the nyse,and other indicators, confirmed the 1216 peak, we know odds favor new highs coming. I guess you really have to decide if you think 1179.75 was enough.It certainly is possible. Its also possible that this is the second leg of a 3 wave decline down.One thing seems likely to me. An intermediate decline of some significance could be coming after new highs. Thats the scenerio i favor because of the cycles as i interpet them. Good luck trading today!
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  • TraderF
  • 30-Apr-2010 at 10:33 AM
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1193.50 is S1 and a 50% retracement from the high. if this can hold as the low, it will look pretty bullish to push new highs or at least test the highs.
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  • TraderF
  • 30-Apr-2010 at 10:38 AM
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sorry for multiple post....the flipside of that equation is if the 93.5 doesn't hold and we push back down, then its very bearish.

that would hold to my "agressive" view on that 1205-07 resistance level.
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  • BruceM
  • 30-Apr-2010 at 10:47 AM
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flat on last at 1200.75...that's the show...all air is filled in...
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  • ChnDragun
  • 30-Apr-2010 at 10:58 AM
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spike up 4 points to kill the shorts.

MM says, "what are you going to do about it?"
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  • BruceM
  • 30-Apr-2010 at 11:12 AM
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stuck inside the first hour range and the previous days range.....smart traders will stand aside and wait for more info.....I'm gonna be smart on a friday..

I won't be surprised if they jerk it around 3 points above and below the 1200...which is still LTP today....97 is HTP for shorts to take over again.....if I was one to give advice I'd tell ya to go do something else today.....from here on
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  • ChnDragun
  • 30-Apr-2010 at 11:15 AM
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agree

beware those who enter. You've been warned.
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  • phileo
  • 30-Apr-2010 at 12:38 PM
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There's an unfilled gap from yesterday 1190. Close enough to be a magnet for this latest sell sequence
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  • phileo
  • 30-Apr-2010 at 12:56 PM
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Originally posted by phileo

There's an unfilled gap from yesterday 1190. Close enough to be a magnet for this latest sell sequence


bingo.
yesterday's o/n low 1188 is next
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  • BruceM
  • 30-Apr-2010 at 1:04 PM
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nice target Phileo!!
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  • phileo
  • 30-Apr-2010 at 1:04 PM
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TICK peaked at -1300 there.... 1188.5 might be the LoD, probably a break back above 1194 will confirm....
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  • BruceM
  • 2-May-2010 at 9:14 AM
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Thanks Leo....since you seem to be a bit longer term perhaps a thread with that kind of title wouldbe appropriate. It doesn't matter to me if you post on these threads but I'm afraid those with a longer term view like yourself won't happen to see your posts in the short term threads.
Originally posted by leob

Originally posted by BruceM

could you elaborate for us Leo...I see this post was voted down so I'm assuming it is because it is a bit unclear....

"This is it" - does this mean the high is in, the low is in etc....I'm pushing for specifics on this thread and I understand those of you who don't want to explain and just make market calls...if that's the case then I suggest those folks post on AK1's No indicator Mumbo Gumbo thread...
Originally posted by leob

the volume is evenly distributed all the way down. Although it didn't close below the multi day low, to me it now looks like - this is IT.



Bruce, sorry if my comments aren't clear. Firstly, my comments are mostly on daily timeframe. Looking at the daily big picture, I'm expecting a pullback of the up move since February low. For the past week, we saw what appear to be a consolidation of this up move. And the last down bar made me conclude that this maybe the last of the consolidation phase and it will be downhill from here - so the phrase "this is IT".
Next time I will post my comments on a separate topic. This way it won't mess up and confuse your topic viewers.
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