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ES Friday 12-9-11


Yesterday the ES formed a Trend Day pattern on the market profile

As expected, this morning trade has bounced back into yesterday's range

We have a gap fill at 1230.25 (March 2012 contract)

50% of yesterday's wide range (41 ES points) is 1245.50
(below that level trend bias remains short)
just went flat at 41.50...not a clue here....would like to see single prints form on a breakout of the hour high into the 46 - 47 area to fade ( sell ) ...above that 50 - 51 is a big number for me
news are imminent, so I am not guessing. standing down
the results of the eu summit were published o/n lisa, so the core results are known already
there still a press conference
Failed H&S pattern getting to be a pattern in itsef..not nearly as dependable as it used to be.....
looking to get long 1243.50 for a scalp of 2 pts
change to 44.25 area
Here is your short are Bruce
we are into that LVN from12/07
Originally posted by Dubya

Failed H&S pattern getting to be a pattern in itsef..not nearly as dependable as it used to be.....


If you look at the open low (1232.75) and the 10:13 high (1244.25), the selloff (1238.25) was exactly a 50% retracement.

Just something to consider.
Thanks to all. Have a good weekend