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ES S/R Map for 11-4-09


Here's what I've got for potential S/R price action levels/zones (blue lines). The 1056 (and up to 1058) is a minor and "messier" area, but 56 is also the .786 fib rtc back up to the high of 1064 on 10/29/09 ... though I'm not a huge fib fan. My daily chart shows 50sma near 1049. The red line is Wkly Mid-Pvt.

Likely a funky day Wednesday due to Fed. Mkt currently trading at 1044 in night session. Interested in feedback and any other analysis!

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my homework says support 1027 (this was where volume started pouring in from yesterday's double bottom), 1034.5 (hi volume node from 8/25/09, also where volume came in on today's reversal). 50d EMA is 1042.5, so that will continue to act as an important area. Beyond that 1051 resistance.
note also today's POC and pp line up pretty closely: 1037-1037.5. We may see a revisit of this area at some point tomorrow.


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PS: NOT PICTURED IS A SET OF 120 MIN PROJECTIONS TO 1073 AND CHANGE... CAUSE I DOUBT THEY HIT TODAY ANYWAY
I like that number a lot, the 37.50...Volume surge....also 47.50 and the old 50 - 52...we may just open and start to trend so I'm going to be more careful on fades today
quote:
Originally posted by phileo

note also today's POC and pp line up pretty closely: 1037-1037.5. We may see a revisit of this area at some point tomorrow.

Seems there's a consensus in the area of 49-52 ... current pre mkt hight ran up to 51.50 (good Van Halen album btw) so far. Beyond 52 it gets a bit murky for me although have a "minor" area of 56 (to 58) ... noticing Kool's got projections at 55 and 56 and the Daily R3's nearby fwiw. Next price I've got above the "murkiness" is 63-64 where Kool's got a projection at 63.25

Maybe what I see as a murky area offers some room to run on a gap-and-go trend scenario Bruce referred to (if price can get above and hold 52). Just some thoughts as it's currently testing 51.50 again.
I'm on the 51's so I hope u are all joining me short...otherwise you will take my cash today..c'mon 47.50
minus 4 in a good area today...unfortunately the plus 4 is a good target too
JUST SOLD 1056.00 FOR A SCALP
YIPPEE! ..JUST COVERED FOR A COUPLE HANDLES!


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