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ES short-term trading 7-12-10


must be a Monday in the summer.

Just my opinion...

Market has had two tight range days, CASH SPX put in an NR14 on Friday,
this kind of a condition often leads to a big move, but 75 is 50% of last month's RTH range and 75 was last week's High print

Prints with 76 handle meant (to me) that shorts are covering,

First Price moves above a level like 75 can ultimately succumb to hesitation, then a retrace to establish whether there are additional buyers below before a valid break to upside can unfold.
they sure could use something to try and break out and stay above Fridays highs......without some volume we will just keep going back to the center of the range.....ala Dr. Bretts core concepts...

I'm on 75.25 shorts for 72.50......


I also will not be surprised if they try for 78 are again but will reshort up there....a double sided scenario I know....but basically we need to fiqure out if this consolidation will try and break out or just keep consolidating
with any luck they will run for that low and soon......note the perfect retest of the center of the range........again the lack of volume lets it drift back....getting to that point where trades and fades are higher risk......so if you aren't short from above 75 then be careful if it goes back up there ...odds increase they may try to trend it soon...and I don't know which way but I'm still holding two shorts....
market profile seems to show a missing spot at 71.25 so if we are to stay consolidating then they need to fill that in..my bias is still short....bonds going off soon and possible time to trend
HV node is at 72.75..so buyers want to hold that...this is no different then the reason I was looking for sells with 78 - 81 above on a longer time frame...

they are trying to trade on the price side of the High volume node...

bigger question is...will the day trader win the battle or will longer term sellers win it today?
duplicate post.............
Originally posted by BruceM

anyone trying shorts in O/N ? On high so far is 81 even...it's just dead!!
some real data issues in O/N for IB