ES Trading for 03-02-11

Opening Profile

Consolidated overnight at lows of yesterday's 36 point range.

120 Minute Chart

If yesterday's low holds here, then it looks like a triangle corrective wave structure may develop. If this low gives way, then AB=CD projects down to 1286 or lower, note unfilled gap sitting down in that same area.

This getting sold majorly right now as shown by CD. If prices can find support here on the VWAP we could see a swift short covering move otherwise more down.

Good morning! Great charts guys!...P.T., fwiw, i also have 1286 as a target... not sure if i showed that yesterday or not... i'll have to look.

Working a short here from 1305.50...may be early tho, 1308 is possible

Originally posted by koolblue

Working a short here from 1305.50...may be early tho, 1308 is possible

..BINGO!...SIGH!...1308.50 will stop me out!

Originally posted by pt_emini

Opening Profile

Consolidated overnight at lows of yesterday's 36 point range.

Click image for original size

yet another reason 1308 might be a good turning point?

both sides of IB trading so watch the middle at 1307...volume spike there too

Thx ,Bruce...and i notice 1308 is the median line on the 5 min chart..Man, i wish i would have been more patient!

stopped... shoulda stayed in bed today!

There you go Bruce. I've marked the area you are referring to with corresponding blue trend lines. Certainly not an overwhelming divergence but it was one for sure.