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High Volume for Thursdays 12-11 trade

I started out the day in a minus 23 point hole due to a crappy overnight trade. Revenge trading felt good today especially since the High volume zone and that huge $tick divergence held back that rally and they eventually filled that overnight gap. It was interesting to watch how the YM was poking up to it's zone at the same time.

For tomorrow I'm watching that rth high at the 908.75 but also the 901 - 903....

On the downside I'm using the 87 - 89 area. I personally thought we would get to the 881 - 878 zone by now and the close of last friday...

the yM has 8810 - 8830

and 8720 - 8740

here are the ES for March 09 in case some go at that in the morning. I'll probably switch over at noon

885 - 886

893.25 - 895

900 - 902

The futures closed at a discount to cash so it will try to go lower if we get a gap HIGHER opening...

As Turk mentioned....the likely hood of a trend is certainly building up so fades may get harder
Another look at the @ES daily chart with the 50MA chart on it shows that highs of the past 4 days have come within 10-15 handles of touching the 50MA. Everyday the 50MA gets a little lower so do the highs of the session. It looks like the ES is trying to avoid the 50MA. One of the most successful short trades is when a security falls down below a downwardly sloping 50MA and then rises to touch it and to kiss it goodbye. A fall back to the original lows is normally anticipated.