ES 06-17-11

Very interesting.

here's an old school chart read.

Thursday: price probed lower (Lower than Wednesday Lows) and discovered buyers, not sellers (if price had probed lower and triggered sell stops, price would have fallen further).

So, the presence of buyers has been established to exist ES SEP 55-52 area

there is a gap overhead at 75.75 to 84.50 SEP


If price can get above Thursday's H (1275.75, oh S%#*!!, it's already doing it, starting to print above 75.75 as I type), then the logical upside is half gap fill (1280.00) and then 84.50 (full fill)

the move above yesterday's H (75.75) is squeezing all the bears who never got out of their short positions yesterday.

As I write, ES has already exceeded 75.75 (beginning of gap), so (ideally for full) that area now has to act like support (support 75-72.50 area)

a stall near 77.50 would be natural (77.50-77.75 is 50% of last week's range).

Using Mikes post for an example.

Sorry some of my post seem dumb, there are little things I'm still trying to figure out. Again sorry.

All this time I was thinking Flat was when like today, at this moment, there is little trading going on and very little action, momentum or movement in the market for that matter.

I'm now to understand that flat is when you (or individual)currently doesn't have any contracts bought or sold. Another words out of the market. Somebody please gimmy a... Amen!

Originally posted by Big Mike

Filled at 1268.50 flat at 1271.25. Have a great weekend, done for the week.

two unfilled Triples. I've been losing this late in the day. So I'm out, but there are two unfilled Triples. one at 68.5 and 72.25. FYI