ES Short Term Trading 7-28-2010

Range Based S/R for July 28, 2010

R1 = 1122
S1 = 1102.75
R2 = 1125.125
S2 = 1099.625

Notice the early morning fall and close beneath VWAP then rally back to it followed by the sell off after 8:30 news.

Will be important for prices to get above VWAP if the bulls want to lead today.

Opening 15 minutes challenged VWAP but has been rejected. Volume is low up to this point though.

What's all the congestion about? Nobody has mentioned it but 1107.5 is the 50% retrace of the entire decline from 1200+. Seeing it from below now.

other significant support numbers:

Last week's high: 1101.50
This weeks low so far: 1097.75

Originally posted by Lorn

Range Based S/R for July 28, 2010

R1 = 1122
S1 = 1102.75
R2 = 1125.125
S2 = 1099.625

VWAP has continued to act as resistance but this low volume is preventing prices from extending downward. Perhaps there are still some prices higher that need to be revisited?

Today's OR:

• OR 5min 15min 30min 60min High 1109.75 1111.50 1111.50 1111.50 Low 1107.75 1107.75 1106.50 1104.50 Range 2pts 3.75pts 5pts 7pts

Great share Hari!

Originally posted by hari

Today's OR:

• OR 5min 15min 30min 60min High 1109.75 1111.50 1111.50 1111.50 Low 1107.75 1107.75 1106.50 1104.50 Range 2pts 3.75pts 5pts 7pts

Thank you Lorn, you too have been posting great stuff! Thanks for your time.

Originally posted by Lorn

Great share Hari!

Originally posted by hari

Today's OR:

• OR 5min 15min 30min 60min High 1109.75 1111.50 1111.50 1111.50 Low 1107.75 1107.75 1106.50 1104.50 Range 2pts 3.75pts 5pts 7pts

5 waves downs and 3 wave up is no way to trade long. I don't like the pattern from a long perspective but can respect the price ten ways to Sunday.
Corrective wave that may go to 1009.5 unless it's done. Can they pump it up for lunch? Midday on a Wed.
I think the 50% equivalaent in the cash is 1111. Looking for 1002 area ascending S/R line.

Hey David ... you left off a couple of lines ... it's cool, I fixed it.

Originally posted by day trading

Originally posted by hari

Some of you may have been trading for more than a decade, what is the smallest daily range you remember seeing in ES (RTH)?
The range today ( so far ) is only 8 points.

If I remember correctly it was something like 3.25 points and it was the day before Thanksgiving Day.

Thanks DT.