ES Monday 2-24-14

Much of this may be useless by the time we open as we have seen moves happening a bit past 9 a.m but here is context chart...this is Friday's trade against the bigger picture...note how the VA low goes well with a big hump in prices from the composite





next we have what has happened in the overnight....we had a selloff at the after noon pull back high but have come back to it as I type...on this chart when you see "9:30" it is a day session and when u see the date it is the overnight...note also how the current O/N low stopped at VA low from a few days back at the 29 area...an important reference for the future..note also how the On POC and VPOC formed at a LVN spot from friday ("P" period highs).....so if we open in Value today we may need to use two different buy spots...the VA low from Friday but also the 1835 number ..so I'm making 35 - 36.50 a zone to look at whenever we get back to that




and here is a day session Volume profile...note that 32.13 from a bell curve from Thursday...that goes well with another hump from our CONTEXT chart....so if we open above we not only have the 35 - 36.50 zone but under Fridays lows we bump up into that 32....then the 29 below there ..above is that 42 and then we might as well just wait till we see if they can push new contract highs above...so watch 46 - 47 closely if they push there today ....many short traders would be trapped from longer term shorts but also those who thought they caught a good short trade and have stop outs above Fridays highs.....all that short covering could lead to a trend...just something to be careful of





quick update...here is a new O/N chart... as I was making this we rallied higher to the 41- 42 area....it seems the real key to getting this right today is going to be that afternoon pull back high and LVn at 39..

I won't give this much time, I think it's gotta get over that 4875 pretty quickly. I got a good fill there though

congrats bkay...u took my runners

Sorry Pal At least we both got a winner today

I'm going to hope 50 shows some support now

Originally posted by BruceM

coming out heavy at 47 on this second test into 46.50 as it can't print yet....look at volume buildout on volume histogram at the highs....those are late buyers soo far I think

I used that retest combined with the previous high and LVM to take this long. Always a concern when we get up into virgin air.

I've got some MACD and oscillator divergences up here so if 50 fails I'm gone

Alot of volume coming in here with no push higher yet

VPOC is going to shift up, It'll either push me out or push it up

no problem bkay...that was a beauty......most breaks of the Ib donot leave single prints there...so expecting a test of the IB high sometimes after this current period closes

Yes I agree if we hang around here I'll probably flatten before the top of the hour

OK I'm flat again at 4925. That's it for me Hopefully will see you tomorrow.