ES day trading for 5-27-11

First resitance line is at current O/N high as we approach the 8:30 reports...so

1330.50 - this is also last fridays VA low !

then above there we run into a high and low volume combination from last friday up at

1332.50 - 1335 *******that is a better zone I think for selling against if given the opportunity
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On the downside we have that key area from YD at 23.75 and the current O/N low is 24.40 so key support will be

1323.75 - 1324.50 ***

under there is a low volume area at 19.50 - 21.25...the breakout zone...that is important to bulls so it gets lots of stars ********
those two zones are tight.....

These will be revised after reports hit....

3 day weekend and reports also at 9:45 and 10 a.m.

I'm hoping to get trading over with fast today......It's one thing having losses but having them infront of a long weekend is worse for me...so overall I will be trading lighter and not as agressive

I favor the short side again.

as usualy we will watch the ranges to see what holds and what fails....

Weekly PP at 29.75. Also, 0.618 ret. Trying a short... (again)

VPOCs I have below are 1323 and 1314 (on my charts)

Going long from here 29.25

i'll probably live to regret this , but im chasing a short here at 1329.50, cause it appears the 1329.75 projection may be it. I'll add 2 more at 1330.50 if necessary.The reason for my agressiveness here is the 1332.25-50 projection is from an important low and from a 30 min chart!... it would normally be expected to yield way more than 2-3 handles! Combined with week historical tendencies today,thats my current bias,fwiw

Will sell half on 30.25

Bingo!... 1330.50..(but no fill for me!) now do we decline?

wow..just filled me.. avg price now 1329.75-(short 4).. will exit quicly if she continues up and touches 1332.25

Due to the fact we are the day before a 3-day weekend, sideways action isn't a surprise (larger pullbacks and slower moves to targets).

I'd still like to see a print closer to 25 during RTH, though.

I think I'm going to end today as a winner. Have a great holiday all!

Daniel

Why I would get my runner up to 1333.00 then make a big short sale of 20 contracts?

From John Mauldin.... http://pipesandtheories.blogspot.com/2011/04/keynes-v-hayek-rap-battle-part-ii.html