ES short term trading 5-10-10

correction : i said it cant go above 1135.50, really its 1132.75! Any way this move i expected but it should have taken all day! wow! im forced to cover cause i have to go to work but i would expect it to decline short term to the 1118-9 level..above 1132.75 you would have to be short term bullish imho.However im of the opinion that the correction is not over for a week ,maybe 2! See ya in the morning! Good luck!

anyone tight short on the 30 number...30 - 33 was critical on Friday too....

took two off at 22.50 and trying for 17.50 on last that is key zone...15 -17.50

So 30 - 33 was the key zone from the Friday O/N session and then the day session highs. The RTH session produced a fairly symetric distribution of volume with the peak volume ending at 1106.50 but right before that the peak volume fell in the middle of the distribution at 1115 -1118.50....In general Folks will try to sell at highs and buy at lows until they are proven wrong. So selling these gap highs is prefered..and still is

I was hoping that would be the magnet ( the 1118.50 - 1115)for that last trade here on Sundays O/N but so far it has failed me.


EDIT: If we look at Kools chart that he posted with VWAP from Friday's thread we can see that second deviation off of VWAP is up at this 33 area so we gotta keep trying short...third deviation comes up at 41 which lines up well with the breakdown point....can't stick around for that as this is overnight and I want to sleep so not adding to trades up here. LV at 31.50 needs to be cleaned up so 35 is a short...I HOPE! !!


The main key numbers are

1072 - 1075 - volume magnet ***

1106

1115 -1118.50 Volume magnet Fridays trade ..Major area*****

30 - 33 IN the current O/N session the 30 number is getting tested on rallies and declines and building volume

38 - 40 Breakdown point from Thursday...

1150 - 1151 Magnet of Volume*****

1159 volume magnet *****

LV at 33.75 and 31.50 if we can get the roll here...keeping it tight as I don't want to babysit tonight

Well i guess we shouldnt be surprised at anything anymore , but give me a break! i just sold 1159.75 and were at about 59 as i type. a gap opening of over 50 handles?!? I get the feeling somebody is punishing somebody for last weeks mess! Any way, see ya in the morning...

..BTW, JUST COVERED 1156.75.. ONLY ONE ES THO.still another 3 handles will make me sleep better!

clearing chart off my desktop.....here is why I thought that 650 YM was a magnet....LOOK at that volume in O/N......that test became the RTH low on Monday.....and they are jerking it around there in current overnight for Tuesday..

Originally posted by BruceM

what's up with that 10650 volume on the YM...hopefully not a data issue and hopefully a strong magnet