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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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02february2011calendar
Originally posted by BruceM

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

i.e. MATD?
could be D.T...courtesy palisades...Daily forecast for the S&P500 and Nasdaq 100 indexes:
Forecast Made: Forecast For: Direction
February 7, 2011 February 8, 2011 flat to lower

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Probability for next day:
Up Probability Average amount (up) Down Probability Average amount (down)
S&P 50% .66% 50% -1.51%
NDX 42% .59% 58% -1.11%
adding up into the 19 area..target now is revised for 17.25 which is initial entry price...will watch the O/N high now and the 60 minute high once the IB completes
short 1318.75...
kind of DT but I don't consider YD a trend day.. we only had 3 - 4, 30 minute bars that went up in a row....so that isn't a trend to me...but the concept is there and MATD explains it well
Originally posted by day trading

Originally posted by BruceM

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

i.e. MATD?
$ticks aren't lopsided today so I think we are good on this one..newbies should compare todays $ticks to yesterdays early $tick readings
VA high as posted to the forum is 18.75 from yesterday....one of the best times to lean on that is when we open inside the previous days value area...they don't always reject it right away though so be nimbel anyway..they may try to fake YOU out!!


Hour is complete ...no 30 minute closes yet outside yesterdays RTH or or last nights O/N session....that is telling us something so far...compare that to what happened yesterday if interested
air pocket still at the 17.50 area...and triples below that further down....
One off at 1317.25, plus 1.5 handldes there. order in for the other at 1315.75, and 2 point stop!...Cya soon!
new short for me at 18.50 print......will look to add above O/N high if needed
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