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ES short term trading 2-08-11


Good morning. Lots of bullish action recently. In fact , like many others ,im inclined to think we have much higher to go for an April or june top...BUT... i was looking as you know for an intermediate type correction, and we got about 37.Far less than i would have thought! Even with much higher prices ahead, i feel the market is still vulnerable to some type of consolidation before zooming straight up to the high 1300's or 1400's. This could start anytime ,(today or tomorrow in fact would be a perfect time frame) but i would think closer to 1329-30. As for the short term... support appears at 1313.25, 1311.50 and 1309.25. resistance may be found at 1326.50, and 1329.75...today or tomorrow could be a short term turning point of some sort...
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I'll be a buyer at that 1311.50-1312 zone if we get there.. (dont forget to click the above chart to see the whole thing!)
Well the first support i mentioned at 1313.25 was hit and good for a nice scalp. we'll see what develops here tho.
I'm trying to sell into 17.50....this seems like a consolidation opening and I think they will bring it back to 15.25....that would be range air too
on this ss-day i assume that we firtst want test de on high's and maybe further
Kool,

I bought on your first support 13.50 with 6 mans making and selling now at 17.50.

Thanks for that one.
Originally posted by johnpr2010

Kool,

I bought on your first support 13.50 with 6 mans making and selling now at 17.50.

Thanks for that one.
Well done ,John! Im kinda sorry i missed it! Now momma wants to go shopping so i may have to leave for an hour...
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highest volume bar has a high of 1315 even....POC from yesterday is 17.25......so I will be adding if we pop up into the 19 area for the 17 retest.....but hopefully the 15 test comes first and no add ons
usually after a day that trends a bit they make it easier on us...meaning we don't have as much heat on trades...we'll see..guns are ready and loaded
the 30 minute players will need to try once again to close and stay above the big 3 again....otherwise we will drift back again to the open print like before....

still haven't seen a one minute above 15 k so that is part of the clue up here