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Sunday Evening ES Globex Shorts 050309


For me, a couple textbook short turn setups tonite.
Charts attached.

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Couple add'l thoughts. The MM down from the possible DT takes us to the 875.50-876 area, site of the prior low just prior to Friday's close. Also, note the dotted line on the lower price chart (this is the 250MA (50MA on High TF). The fact that price had moved a good distance away from it with tonites rally puts pressure on price to work back towards it (mean reversion) as price tends to do with any moving average. We'll see what happens. :-)