ES Friday 7-17-15

Good morning to all. YD the market had a fairly narrow range (~8 points) and the O/N action so far has been contained in the top half of that range. So everything has been pretty quiet of late so should be an interesting day today.

YD we had a prominent (wide) POC at 2114.5 which means that now we have 3 prominent POCs (2114.5 from 7/16, 2103.25 from 7/15 and 2088.75 from 7/13) that have not been revisited. This is exponential information so I am curious to see how this plays out. The odds are that these are a lot and at least one of them, if not 2, should be revisited soon. We shall see.

On the upside we have 3 previous highs (2122 from 6/22, 2120.25 from 6/23 and 2117.5 from 6/24) that are fairly close to each other. Each of them very likely have stops sitting on top of them which means that it is always a possibility that there could be a triggering of those stops moving the market up pretty quickly. This is known as the firecracker effect by Dalton.

From a greenies POV the only upside greenies 2117.75 and 2118.25 which were both touched YD. Nothing else left on the upside.
On the downside you have a greenie at 2114.5, 2113.25, 2105.75 and 2103.75.

Everything I am reading online indicates that everyone and their uncle is expecting a sell-off today. So we shall see if that does come to fruition or not.

Good luck to all.

cool... i have used variations of that and i agree it is pretty helpful

Originally posted by beyondMP

I deconstruct MP, by using a 30 minute chart with VP overlay. Gives the same info but easier for me to read at a quick glance.

well this OpEx day has been pretty uneventful so far. let us see what the close brings us