ES Friday 3-20-15

Bands for the day. Good luck to all.

I am not getting a good feel for this O/N market. We are now at the daily R2 after testing the weekly R2. I imagine a move down should start now but not entirely sure they do not want to test 2100 either. We did not have the O/N mid-pt test YD so there is that too..

2100 may indeed show up today but I'm not getting long.

Eeked out an unattended scalp @ +5

Scratch @ Y High.and +10

also so far we only have one TPO printed at last week's high of 2075 which seems really far away right now

Paul, do you play half gap fill or quarter gap fill on days like these?

Set @ 95.50 short. Break of high 5M candle.

nice breakout trade Mike. Out @ +10?

1st target O/N +10 hit, next YHigh and then midpoint

Notice the move? 5 points and bounce.

Originally posted by NewKid

nice breakout trade Mike. Out @ +10?

NewKid,
half gap is a level you should be aware of anytime there is a gap...(but that half should line up with something else, too)

if Gap is large and higher, ... with an UP open beyond yest H, then obviously, that is a level (Yest H) that, if tested often provides information...a bounce from that level (Yest H) puts all the short term traders who shorted the overnight Highs (or the most recent peak of 24 hour upside momentum) into a concern about vanishing profits, so a move back above the swing H of the overnight can be a squeeze point.

Same is true about downside gaps, if they are large DOWN gap first concern is where does the range gap close Answer: at the RTH L of the prior day.

Beware,
Today is the expiration of the MAR contract (used to be called the triple witch, the quad witch after individual stock futures)

people with a hell of a lot more money than you or I or all the people on the site put together can push stuff around play with key component stocks that affect the special settlement (special settlement = comprised of creating a settlement price based on the opening print of each of the components of the S&P 500.

this happens 4 times a year and today is the day.

runners stopped out B/E

my kids ( that 02.50 - 03 ) made me feel good...see I told ya I "owned " them......that was a beautiful picture...I had a video to upload but forum won't allow it...it's a wmv file.....of my alter ego trying to play guitar...would have been a good finish for a friday.....but I also haven't forgot that it seems that there will be no multiple tpo's at last weeks highs and it seems they will hold the hour singles.........even so if you look at one minute you can see how they broke out and did come back for the retest of the hour high but the statistic ( ok, rough estimate) is based on 30 minute bars