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ES Short Term Trading 4-21-10


Here's my Monkey S/R price levels from what I see. The Red lines are the "regular" potentially significant ones while the Magenta ones are somewhat significant, but a step down from the Red ones. Here's the 30min chart of 'em ... a map for Wednesday.

Click image for original size
es sr levels for 42110
Originally posted by phileo


GLOBEX session is reacting favorably to AAPL earnings beat. Today was almost a trend day, esp. if you looked at it after the 1st hr of the session.
Key levels that I will be watching for a trade:

1211: Thurs hi overshoot
1208.5: gap fill resistance
1206.5: composite Hi volume node + last Wed. close
1201.25: composite Hi volume node + morning range hi
1198: Mon. morning range low reaction
1196: composite low volume node + gap fill support
1193: major resistance area from previous week and Friday + 38% Fib RT


short 1206.75, 2pt stop
covered my long at 06.50 ... Daily R1 at 08.50 ... don't see the mkt. making it up to or taking out 1210-1211 this morning. Prob should join you gents looking for a short in the 06.00-07.00 area here.

NQ and espec. YM getting up near their respective overnight highs - potential resistance.
Originally posted by BruceM

...Years ago Dell was the market buzzword stock...

Although I don't do it personally, I think it's a great idea to watch key market moving stocks...

Do you remember when Merrill Lynch was a key market barometer before it was delisted?
Ym banging on it's O/N highs but not ES or NQ..hopefully a good sign for us shorts
out 1 1205.25 .... so cruel that they wouldn't give me 1204.75
out 1205.5 on my remaining contract. Flat now.
I didn't see 1205 as anything significant when i did my homework, does anyone know what was so special about 1205 ???
Originally posted by BruceM

Phileo,

Years ago Dell was the market buzzword stock. I remember one particular day when they missed earnings the ES was down about 30 points in the overnight. The next day the buyers came out in force and closed that gap in the ES. It was amazing and I was glad to take part in a small fraction of that move.

Although I don't do it personally, I think it's a great idea to watch key market moving stocks. Probably more important is to see how all the markets are responding and if the news is helping the other indexes. Last night was a cool example of the YM just barely getting out of yesterdays RTH highs after that news. Thanks for keeping us updated with that.


AAPL is now 15% of NQ. Along with GOOG and MSFT, you've got a good proxy for NQ, I pay attention to those leaders when trading NQ
Originally posted by MonkeyMeat

Those were the good ol' days with Dell and a few other stocks - especially Nazzies. We'd back the truck up and LOAD up long on the open. Had some of my bigger days on those plays and with that underlying scenario at work.

pre mkt. bounced off a support line I had and I got long @ 1202.50 w/stop at BE+1-point now ... had been waiting for that trade ... wasn't around for any shorts up near 1210, but wouldn't have taken them anyway because was uncomfortable with potentially getting run out.

Was good to see some others here posting numbers right in that same area ... nice for confirmation, espec. when coming from different angles of analysis.



Woke up late, missed that long opp. at 1202. Makes sense now that I see BruceM's homework.... thanks!
Might be just my bias, but it feels to me like the overnight GLOBEX session seems to be taking away more and more of the RTH trade opps.....
even worse divergence back into that 05.75 just now...
Originally posted by phileo

out 1205.5 on my remaining contract. Flat now.
I didn't see 1205 as anything significant when i did my homework, does anyone know what was so special about 1205 ???


I have a chart posted in topic "Candle Pattern" showing my
S/R zones...1205.00 was a key # for me
Originally posted by ak1

As we are near the open so I think we are going to see a choppy open. So the oscilators are going to make money. Also SP yesterday open at 1186 needs to be tested. The only thing preventing it is the 1203 area which is a swing low

Originally posted by ak1

Oh!I meant in terms of touching open, highs and lows. If Dow touches one and SP doesn't then we have a divergence that is met the following day. Just a trading bias for the next day.

Sorry folks yesterday's (20/04) open was 1195.75 not 1186. This level was finally touched.So if we notice any diversion between SP and Dow and use it to enter we may profit.