ES Wednesday 9-14-16

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These are the major levels as we approach trade going into Wednesday. Today we had the very rare third day in a row with no overnight midpoint test.......so tomorrow a 4th day in a row is even a smaller probability so lets see what happens. I get the feeling that this market struggled to go down today. That 2120 will be a key price to watch for. Naturally we'll take a look at what happens from tonights trade on Wednesday morning before RTH opens.

Click image for original size

EDIT : 8 a.m

Standard pivots for today are
R1 37

pv 24.75

S1 2110.50

NOTE : There is an all session pivot at 29.50 and that has confluence with our 2130 marked on the chart....I have confidence in getting overnight midpoint test today. The key will be to see if it is worth taking the trade...for me I will probably start trading just after 9 a.m as my concern is that they will open it up right at the midpoint and we will miss our opportunity to trade for it

Edit 8:05
a lot of time has been spent going through the pivot point in the overnight so far so if you are nimble and can keep losses small I think it is ok to sell above pivot and use that as a target even now as I type this at 8:05. I personally wouldn't trade any size on this but I think it's a doable trade concept and am taking small trades myself.....but after 9 a.m I will trade heavier

the plan for me so far is to be selling and looking for sells 2 points above the 24.75 pivot....

a picture of what my time profile looks like from yesterday...an aggressive trader will also be watching pushes out side of value ....the red arrows at the 26.25 level and the 16.75 levels

yesterday was an inside day so I don't think we will see another inside day today although I think volatility will still contract from Fridays and Mondays levels

Click image for original size

so now we have come under our key magnet of 2120.......I think buying under that will be eventually a good trade for us and we should try to structure trades that either use that as a first target or watch support form there to get back to the pivot and midpoint

midpoint falls right near pivot...no shorts for me...only long tries in rth

my target is 24 even !!

that's it for me today....lots of post to get all that across......but the key I think was having the pivot being right near midpoint, the failure of midpoint 3 days in a row ( today would have been a fourth) and leaning on the POC of 2120....hope that makes sense

oil report due at 10:30 EST. ES has been tracking oil the past couple of days so volatility could spill over

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