ES 6-13-2011

Have noted KB's response to question in another thread today and always enjoy reading his thoughts/analysis.

Interesting day and stop by to post regarding thoughts from Fridays' thread about possible projection to 1250 area (Sept contract- 1255 June contract). Every trade has two sides. If you look at the Daily Notes page (either contract), you'll see to the left side of the chart at the top that the last gap before the previous low(1241 June contract)has filled with the O/N low. Currently at daily PP of Sept contract as I type.

Hard to know where you're going if you don't know where you're at.
The other thoughts I have here concern the 1274 Sept contract level(1279.50 level June contract). Operating off the fact that we have no lower highs for reference yet and the trend remains down, so far. Those two levels referenced are the current levels that need to be broken and held for higher here. The index is marginally below and that's where my interests are focused. Using Sept contract only, the 1274 level needs to break and hold. The 38.5 measured moves down have been played out well and the 1269.25 level S/R level here and now.

Now, considering the deviation referenced in the past,1373-41 and 1332-41 gives a 1.68 level approx 1261.5. Also the 223.6 level for the 38.5 levels matches that same 1261.5 area. I like spike bottoms but not always given.

Will be monitoring those levels and developing patterns today. Took too long to type and now at 1269 level. Basically, a possible reversal point here but needs a higher high and a lower low to develop. Until then, in a trend.

the neutral day just hit the 50% mark...gotta love them!!

Tradequeen.....4 me we opened in Value and then couldn't hold trade outside of Fridays lows....then once on both sides of the IB we need to realize that this day really is so limited