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ES Short Term Trading 12-03-2010

This nose dive has stopped so far between that 1215 HVN and 1217 LVN.

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It will be interesting to see how many of these levels on the downside get taken out. 1211.75 from YD is obvious first area of price action support.
1212.75 is key point for me if there is support today...that is high volume one minute breakout from yesterday and if buyers are trying to protect that that is critical to them

other key for me is 17.50 as that is secondary volume point...

yesterdays triples just ran and I know they owe me some other targets on downside.......not sure that today will be the day for those though
we basically have the same areas Lorn...hopefully great minds are in synch today......and everyone was just buying ahead of that bad report these past two days
Here is the cumulative delta picture. I've put up arrows at the important areas. These represent buying initiation and we will want to watch if these areas get supported by those buyers.

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footprint 12032010
selling into 18.50 and 21 if neede
best so far is back to open reselling 19.75...and 21 if needed...c'mon and gives us some air today....lets see if they fool me a second day in a row!!

reports at 10 again
pairing down at 18 even as reports soon and I think I may have finally LEARNED my lesson yesterday.....
new shorts at 20.75....will only add if i see air and we make a gap fill
took all but three at 17.50.....3 left but 20.25 will take these runners out if the selloff to new lows doesn't come..

for those into volume.....there where three main spike snap the one minute highs and lows or use midpoint......only one not hit now is 1112.50 in day session
16.75 which was YD's afternoon low is a pivotal price here for both sides of the coin.
Market is caught inside yesterday's value area (green box). Below average ranges on each rotation so far, looks like a sleeper. Narrow IB (blue vertical line on chart), so a break of that might wake a few folks up. Singles at 13.50 still need to be filled in.

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Morning Developing Value Area