ES short term trading 5-25-10

Intense overnight action , pretty much drives a nail into the bulls heart i think. Breaking the 1036.25 feb low would be devastating. I had hoped that we would find a bottom by the 24th,and as we havent broken the feb low yet , we surely seem destined to do so. I said yesterday i thought today might be the bulls last chance. Prophetic to say the least. i believe the original target of 1014 or so may be in the works,although a short ,quick rebound rally could occur at any time.In fact i got home right as we were hitting 1041.50 and went long instinctively at 1042.25. Remember the previous weekend preview, that 1041.50 number was explained. my one min chart showed 1.618 at 1045.50 and 2.618 around 1048 so i exited early at 1045.00. truth be told that was a pretty lucky trade. Were already 30 handles south of yesterdays close and tho i have no idea what happens between now and the open, i'll bet we see lower yet today. Take note that even tho the june es feb low was 1036.25, the current globex low of 1041.50 equates roughly with a cash spx exactly at its feb low!(1044 if memory serves) . Again ,not good! Gonna sleep.. see ya soon.

Originally posted by Piker

Seems to be allergic to the intraday high of 1058.75. If it can break through we could be off to the races.

There is a small gap between 1069.50 and 1070.25.

damn..I hate when confusion leads to a good trade that I don't take

anything above 62.50 will come back and test that number...and air below...go for it. two things in our favor...a good short will go for 59 and lower ..to 56.25 again

66 - 68.75 is next key they would try for if this air pocket holds it up


air pockets are the worst in the aftrenoon.....meaning they tend not to fill in as much as morning air..so cautious up here!!~

n.the air pocket seems to be holding...just watching

just noticed that we had a 15 minute close below 62.50 after breaking above it...so I'm now short 65 even for 62.50

why do I have a feeling that 68.75 would have been the better short...just hate bonds closing

they just don't want to reprint 62.50..damn these numbers....ahh it's about time...two runners trying to get into single prints...which is below 60 now

that's two closes below 62.50 ( 15 minute)..obviously a close above 62.50 will not be good for shorts at 3:30

64.75 willtake these runners out if wrong...60 could be tough!!

flat 61.25 ...I have small gaps above

now how about 68.75...that would be perfect....as long as 75 doesn't hold......otherwise they will revist 81.25.... c ya in the a.m.