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)

Originally posted by BruceM

your cash charts bring up an interesting point:

If so many look at the cash markets then why all this fuss about the overnight sessions? We would be wise to stick with our real time day session only charts and use the overnight just to confirm our areas on our day session charts above and below the market.

Thanks Lisa!

Bruce, I find O/N session useful to gauge Euro trade and "trend".
If the price at open is above O/N value area I adopt positive bias, if we trade below O/N VA, I would be looking for shorts. If we open within O/N VA, I wait. That helps me with direction of trading in the morning.

Thanks to all. Have a good weekend