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ES short term trading 1-25-11

Boring, yet interesting day yesterday. The market, and this is important, proceeded higher ,against the seasonal tendancies (which denotes strength. Today, which is State of the union day we seasonally should be under pressure for one more day before things turn more positive tomorrow, We'll have to see what develops.Historically, state of the union day is positive overall for the next few days (higher today for instance 16 out of 20 times) . That would line up nicely with the more positive seasonals from wed on...Note also that the nas was leading on an up day, not lagging yesterday, another positive in my mind. Todays news releases are a wash in my mind with likely neg housing reports and a likely positive consumer confidence report.I dont expect any thing real dramatic today, but it seems possible we could be setting up for a positve last half of the week ,as speculated in the weekend preview.
here is the one minute....remember that we need volume to drive out of a range.....look at the pushes down into that 78 - 79 area...we had one good try with volume near my label "B" but then we re-entered the range on the upside....the next try at bar "C" was on low volume....

We want sustained high volume when we break a range...Look at the push at "A" - that volume came in way BEFORE the drive to the 78 - 79 area...

hope that makes sense....Mean reversion at it's best!!
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one minute
Thanks Bruce. It was a good trade, but, I was overloaded with toooooo much information and lost my objectivity, therefore pulling out too soon.

Will see what it has for us tomorrow.-
Originally posted by koolblue

Hey room, when you get a chance check out my reply to that guy on traders lounge here at mypivots!..LOL if you agree vote him down! If you think im being too hard vote him up

I deleted that topic - I agree - did not add any value.