ES short term trading 1-25-11

Boring, yet interesting day yesterday. The market, and this is important, proceeded higher ,against the seasonal tendancies (which denotes strength. Today, which is State of the union day we seasonally should be under pressure for one more day before things turn more positive tomorrow, We'll have to see what develops.Historically, state of the union day is positive overall for the next few days (higher today for instance 16 out of 20 times) . That would line up nicely with the more positive seasonals from wed on...Note also that the nas was leading on an up day, not lagging yesterday, another positive in my mind. Todays news releases are a wash in my mind with likely neg housing reports and a likely positive consumer confidence report.I dont expect any thing real dramatic today, but it seems possible we could be setting up for a positve last half of the week ,as speculated in the weekend preview.

On a short term look from last nites globex action....

Order adjusted per above charts ,, trying to buy right here... 1283.00

Long 1283.00, 2 point stop.

weekly pivot is 82 even...I hope it holds and goes up for ya Kool

yeah, by rights according to my own weekend analysis, the better trade this morning would have been to sell 1285.00,for a move to here or lower... sigh... but its too late now. Thats why im using a 2 point stop instead of my usual 3.

all our numbers are close ...I have the 79 - 78 area as another support zone as it is the weekly open print, Mondays lows and fridays lows....but hoping it goes back up still for you.

upside key is 87.50- 87.75...cluster there from O/N and the stalling action from Mondays trade

here is an old thread that DT started and I stole on the weekly pivot...I prefer to use just the RTH session for this now but here is the link if anyones interested

http://www.mypivots.com/board/topic/1349/1/weekly-pivot-influence-on-first-trading-day

Interesting research thanks for sharing that link Bruce.

no problem Lorn...lots of good stuff back there in time....

Originally posted by koolblue

Hey room, when you get a chance check out my reply to that guy on traders lounge here at mypivots!..LOL if you agree vote him down! If you think im being too hard vote him up

I deleted that topic - I agree - did not add any value.