ES short term trading 6-3-10

Good morning crew,

O/N Market had slightly upward bias O/N range is 1096 - 1104

1105 is resistance from last week
1097-1098 is yesterday's gap fill and daily hi
1084-1086 is friday's low, Tues. VPOC, POC and reaction area from last week.
1081 was the start of Mon. breakdown, and start of yesterday's breakout.

1069-1070 is an unfilled gap and double bottom (more obvious on a volume chart)

Today's stretch (from opening price) is 7pts.
Price is currently above the value areas of all sessions since May21.
Euro was slightly weak in the European session, and this morning's 830 am economic releases were slightly below expectations, but mkt response has been non-chalant.


Today is MATD, so my guess for the initial MATD oscillation points are:
1105-1106
1090-1094

Today's daily Range estimate is 1087 - 1112
Based on current mkt strength, I think mkt will probe the 1105-1106 area first before attempting to fill gap (1097).

fwiw, just looking at the hourly ES chart and other time frames ... and if nothing overly negative news shows up ... this market, based on price action of the past few days and especially yday and mostly today, has me way biased long ... if it can get thru the 1105-1107 area ... I see at least a run at 1118 (perhaps further)...just my cent and a half

there was someone here who was looking at triples in the O/N session and then POOF !! They disappeared.....maybe they just made so much money trading for them.....Ha! I hope it keeps running up..triples are all over the place in this O/N but I still want 1105.25 cleaned up...

Originally posted by Piker

Originally posted by BruceM

anyone getting long in O/N..? My world seems to think that tomorrow whould make a HH and HL then today...so why notget in early ? Like at 1100 area....and 1105 still needs work I think...Anybody ? Anybody "

I am long at 1100.75 shooting for the triple at 1104.25, at least initially.