ES Thurs 06-23-11

Rare indeed double islands. Islands by themselves are rare and rarely last for long, but right now this, a double island set is something else.

for today, Thurs 6-23-11, if price opens in a gap below 75.75, then the market has created double islands one above and below.

The gap that remains open for both is 75.75 to 77.50 (and I would expect it to be filled sometime today)

price is testing 50% of the prior week's range (1269.75), this is a likely bounce zone, (short-term intraday) but can easily be retested RTH. if there is a lift from the current 50% of last week's range, and then a retracement (would prefer to see retracement undercut whatever L is established now by 1 tick), the pattern I look for is a 1-2-3 buy (AFter some sort of a lift and retracement.)

this might be my only comment of the day

UGLY

euro is collapsing

trapped bulls are puking.

the closest weekly Low is 61.75 from week ending June 10 and on a daily bar basis, this would be the opening RTH price from 6-20 (MOnday).

and NO, there has not been a bounce yet.

Thanks Paul

I'm trading for the 69.50 retest ...small in O/N session off of 65..

three key resitance areas...69.50 , 72.50 and 75.50....

Thanks Paul and Bruce,

I'm looking at selling NPOC 1271.50 in conjuction with a pitbull #.

Good luck to all.

biggest volume bar from O/N session is in the 67.50 - 69.50...gonna be an interesting spot

sarting RTH longs at 63.50...very high risk down here !!! buyer beware!!

taking something off at 65.50...chart later

Originally posted by BruceM

sarting RTH longs at 63.50...very high risk down here !!! buyer beware!!

Ballsy move and rightly getting paid for it. Nice.

look at that beautiful minus 4 that hit under O/N lows back to OR lows.......cool...but risky...my runners just stopped out....waiting as this could get ugly...

will try again under 62.50 area for 63.75

wasn't here for the second set of triples but congrats to those who got lucky on that long rocket....a perfect run of both sets of triples today