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ES Short term trading 4-20-10


I'm selling anytime we go above 1201 in overnight and day session untill the low volume at 98.75 - 97.75 fills in...this is also the 50 % O/N range which has been a huge target lately

Obvious keys are the ONH at 1202 which is near the R1 today ( nice volumje up there) and up at 1206 - 1207 we have weekly and daily PV numbers....

Down below we have the 94 - 95 which goes well with the weekly PV and the O/N low
Here's something that might offer a little guidance to prices today. There is nothing written in stone that creates absolute limits, but
one thing I calculate daily is the 5 day average difference between the H and the Open, and the same for the Low versus the open (based on RTH only H, L, O). Think of them as "average" excursions from the open.

5 day average of the H vs Open comes in today at 1207.50

5 day average of the L versus the open comes in today at 1197.50

so far, the average of the L versus the open was satisfied, if the average of the H versus the open unfolds, that would equate to some of the posted expectations already in the thread.
s 1204.50 on the YM / es divergence....target 1202.25
this is getting interesting as the ES is the only one that is holding above it's O/N highs..
Bruce the Dow has been weak since last night. Look how it trade below open. Looks like they got a little too hyper yesterday. Well lets see....
Click image for original size
609
agree and I usually don't like the dow to try and hold back a rally with only 30 stocks....if we can consolidate below the ES overnight high we'll have a good shot for the selloff later I think....
Originally posted by ak1

Bruce the Dow has been weak since last night. Look how it trade below open. Looks like they got a little too hyper yesterday. Well lets see....
Originally posted by BruceM

s 1204.50 on the YM / es divergence....target 1202.25

Beautiful call
But yet Dow is a leader and SP follower. When Dow starts to follow SP some thing is wrong, like a mirage.
1202.25 is very critical now
Good call BruceM you nailed it almost to the tick
I closed this out at 1207.50...perhaps in the morning we will get a better trade