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ES short term trading 7-2-10


here's a picture of the 30yr bonds:

Click image for original size
bonds support 127 04


There is a significant weekly VPOC and uptrend line providing the bonds w/ support.
ES will likely chop around sideways until this support in the bonds is broken. (30yr bonds and ES move inversely to each other)

key numbers today for ES:
1030 - 1032: YDay's O/N hi and today's pre-NFP hi
1022 - gap fill (should be support at least initially)
1017-1018: signifiant support from yesterday's reaction

since we couldn't close above 1026 yesterday, the reversal action yesterday is suspect, and sellers will want to test that today.
End of day. Note how the 50 ma was still downtrending in that lift. Note the piercing at the top of the bands.
I guess the larger timeframes are most important and I trade inside their context using the smaller timeframes. Like boats, always give the right of way to the larger vessel vessel that is slower to change course.
Click image for original size
es 09 10 722010 10 min