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.

I usually look for weakness on Friday to spill over into Mondays trade ...so 69 - 71 is the sell zone for that...with a key target in the 1266 area.....

on the 71....short////low volume up at 73 .50....that is key lean on point if it keeps going

u know where the plus 2.5 was...the ultimate objective would have been back to the OR high at 68...after that we need to just get lucky for further targets

if this thing keeps going up, im going to cry...according to my analysis the odds are all against an all upside day but....

Bruce,
what did the 71 represent on the chart?
HVN daily?
VAH (I don't have MP or VP running )

area of general failure late Friday afternoon?

general area I eyeballed and the VA high from friday was 72....


68.75 is the giant magnet from todays trade....shorts don't want trade much above there in order to get gap fill

thx, Bruce
and thanks for that pdf on the MP thread. It's always easier for me to look at a chart.

as long as we keep one time framing down I see no reason that last weeks low won't get run

that is 6 lower lows...so not staying short below 60 now....expecting a retest of a previous 30 minute bars highs and soon...

in the past, Bruce as well as Kool have called out, in so many words, that the rest of the day would be flat. How you both do that is not exactly clear to me at this time.

So, would it be a safe assumption for the rest of the day today? Bouncing between 67 and 70.

These numbers (67-70) are based off previous days pivot and over night pivot.

So far, it seems to be the case. Too early to say? Am I just way off?

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