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ES Day Trading 6-1-2011


Some early observations.

Divergence between ES and NQ at there respective O/N highs as NQ surpassed the 8:00pm highs made while ES did not.

ES has now traded back to yesterday's POC of 1337.75 and trying to stabilize.

1338.25 is the 2.618 projection down off the 30-min initial move. 1333.25 is YD RTH low while just below that is 4.236 projection of 1332.25 off the 30 min initial move down.

CD divergence at the high also indicates to me O/N inventory is currently short. Do they have the strength to keep prices going lower?
Neo, if you look at the daily notes the stretch is calculated there so it depends on the market. I havnt used it on cash markets myself expect Forex.

btw 1322 is the weekly pivot , maybe support here
Out on my position.

Originally posted by johnpr2010

I am shorting here on 23.50 looking for 21.00
1319.5 the 61.8% retrace level. 50% is 1324.75
1302.25 - 1347.50
Originally posted by Silverharp

Neo, if you look at the daily notes the stretch is calculated there so it depends on the market. I havnt used it on cash markets myself expect Forex.

btw 1322 is the weekly pivot , maybe support here


Thanks for the reply, but that doesn't really answer my question. I know how to calculate the value, it's more of where you extend that "stretch" value from. For the ES, the notes just say "3.7" (which I think is a day stale from my calculations).

From what I can gather, it is the RTH open.
amazing selling so far...three drives down so far....usd coming off highs now and may have a rally to 1328
I believe we have room to go to 1317.25. A place that market could react a support.
looking for support today on this downtrend day....very iffy...will it dive going into the close? showing signs of flash crash?
I am long from 1317.50 looking for 20.25
nice rebound off the 17.25 level...what was your call based on if you don't mind ?

Originally posted by johnpr2010

I believe we have room to go to 1317.25. A place that market could react a support.
Here you are

Click image for original size
june0120112
the poc based on time has shifted lower so we may need to go down to find buyers