Yesterday the ES formed a Trend Day pattern on the market profile

As expected, this morning trade has bounced back into yesterday's range

We have a gap fill at 1230.25 (March 2012 contract)

50% of yesterday's wide range (41 ES points) is 1245.50
(below that level trend bias remains short)

Volume

sold 43.75 again...40.50 is target on this one....next sell area up at 46 ...

$ticks strong so playing a bit smaller and quicker in general today

revising target to 41...

I would short @1241.25 for 2 points

I see a H&S formation pattern to the downside on the 5 min and 3min charts.

Volume spike

the inability to hold and close well outside ( above ) that afternoon high and the inability to hold outside the ON high is good for us shorts....

I'm holding one runner to try for 36 but we can still expect chop...so in other words...it's a hard hold

we can add that being stuck inside the IB is never easy too.......so initiating is hard here and I don;t do that...holding runner(s) is hard too but mentally easier for me

Thanks to all. Have a good weekend