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ES 5-19-11


Prefer shorts on a higher open today or after 8:30 A.M reports.....Yesterday was another low Volume rally....

keys on upside will be 45 - 48 and 52.50 - 55...ideal sell zones


other key area is 1340..lots of time spent there....but the biggest key will be 1332.75 - 1334.75 as support ...this is where the buyers defended yesterday and we have the peak volume price that never got revisited.....

Options expiration so I am working under the assumption that they will want to keep it away from 1350 as long as possible..


Many reports at 10 this morning which makes life a bit harder ....
Here is a look at that volume environment Bruce is talking about yesterday. Notice the only significant increase (above average) volume is on the down bar I've marked with arrows.

100 on the volume scale represents normal, so you can see most of the day was quite below normal compared to the last 200 days of trading.


Click image for original size
es30min05192011
starting small shorts at 44.50 ...I am prepared to add if needed..gap in data at 42.50....!!
Obviously cross-currents with op-ex. But just wanted to note that still might see MATD type of trading activity fwiw. Simply a heads up.
Good morning all,

So far we are running into resistance at R1 (44.50) this morning. I personally see significant resistance at 1346.75-47 area based on symmetry from 5/5 to 5/10 and a larger fib level I have.

I am personally looking at shorts from R1 (44.50, this area) down to the gap fill (38.75), then potentially a long back up to that 46.75. Hopefully, the news and additional sup at 39.50 will help initiate that pop up.

Otherwise, if we pop to 46.75 first, then just looking to add shorts up there down to the gap fill.

If we pop first, I almost think that's more bearish in the long run for today... and could mean revisiting those 1335's.

My $0.02. Great trading today all!

Daniel
Originally posted by Lorn

Here is a look at that volume environment Bruce is talking about yesterday. Notice the only significant increase (above average) volume is on the down bar I've marked with arrows.


What do you call that type of volume indicator? Is there a common name? "Volume environment" ?

Thanks!
Daniel
Its a "relative strength" based volume statistic. Comparing current volume to an X number of historical periods and then comparing it on a relative strength basis where 100 is equality.

Can change it to anything really.

Originally posted by neoikon

Originally posted by Lorn

Here is a look at that volume environment Bruce is talking about yesterday. Notice the only significant increase (above average) volume is on the down bar I've marked with arrows.


What do you call that type of volume indicator? Is there a common name? "Volume environment" ?

Thanks!
Daniel
40 - 41.25 will be first key support...not only YD highs but a low and high volume zone from O/N session
Originally posted by Lorn

Its a "relative strength" based volume statistic. Comparing current volume to an X number of historical periods and then comparing it on a relative strength basis where 100 is equality.


Hmm, getting a lot of RSI hits when doing a search (as expected). I was just looking for something similar for eSignal.

Just looking at volume by itself sometimes isn't that interesting, so I really like how that displays it. Easy to see that relative strength, as you mention.
covered all at 42.50 ....will hope for trade above O/N highs to look for shorts in day session......damn reports may mess with us today..that was micor gap fill..
BruceM (and enyone interested in Footprint charts), I finally read your post suggesting for me to make a video of a Footpring chart "in action". Sorry I missed it (twice. )Please see my late-night reply on yesterday's thread. I am very busy now with after-accident activities, including physio 3 times/week, dealing with insurance and looking for another car.

When I have more time I will try to figure out the replay function on Market Delta software and try again with the video clip. Thanks Lorn for your offer to help.

Paul9, I elaborated on my short answer to you, also on the yesterday's thread. Please let me know if that helped.
Correct- Lorn has trips down pat...so still a valid target to consider