ES Monday 8-12-13

Today 81.25 - 82.75 is magnet zone and first resistance...

77.75 is my first support point but I'll be using 75 - 77.75 as a zone

85.25 is additional resistance


89.50 is a MAIN magnet and any failed selling attempt today will eventually go back to that


in a rush now but that is my plan.....use 81.25 as the first magnet

my preference is to see a dip down towards that 77.75 to get a long working.....wathcing opening range closely in case we need to do a breakout BUY instead if they don't dip down far enough


we are opening out of value this morning

here is how my chart looks

had to do the OR buy as we didn't dip down far enough...coming out at 82.50 that is half gap fill...will try to hold only one for 85.50 out in front of next target zone.

all us buyers want to see 81.25 hold as support now !!

flat at 85 print..this is right at next zone and we are lucky today...see chart for the lines

there has been no overnight extreme broken yet today...I am working off the premise that as long as 81.25 - 82.50 zone holds it will be the overnight high that gets broken today.....so I have a bias ESPECIALLY given the open and DRIVE back into fridays value !!!

I'd like to see us up near 89.50 at about 11 a.m EST...then we may get a chance for the sell to target the retest of the IB highs...keep the single print concept in mind


I missed a line and don't have it marked on the chart...87.75 is that line for anyone interested

odds favor a test of the IB high at 87 so I am looking for sells above the 90 minute high....ideal would be up near 89.50 but not sure the trading gods will smile down upon us for that

well there is the Ib high retest but I could find no good entry I liked above that 90 minute high...I really wanted to see a bigger push to create a better second set of single prints but no dice today

I think they need to keep this above 84.50 - 85 in order to try and reach up to tag that 89.50 MAIN magnet eventually today


no more trading for me.....unless they make that 84.50 - 85 test and I could find a good long.......any failure off that zone will go back into the 81 - 82.50 zone so the long risk is rather limited


good luck if you stay and play....if we had an air pocket then we may be able to still sell off the 89.50 but lots of time has been spent there....that would require more patience and a wider stop due to the potential for noise up there

above 89.50 is really 92- 92.75


value traders know that the value area today will most likely end up LOWER than fridays...so I wouldn't be overly bullish anyway ..just because we had an open and drive doesn't mean things won't change and change the mood of the day