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ES Wednesday 3-28-12

What I'm looking at for Wednesday....
No video below? Try this link: finale.swf

Peak volume in the O/N session seems to be building at the 1407.75 - 08.50 area so that confirms what we suspected anyway...lots of numbers there including :

last weeks highs, todays pivot ( nearby), midrange of the unfolding week, low volume from yesterday too and more...

This area will be the big dividing point because if we can stay under it then longer term players will try for new lows on the week and last weeks midpoint. And those using it for the bullish case will use it to see if they can hold above it to try for new highs on the current week.

Us short term traders don't care as much but sometimes it's fun to try and hold for longer term moves. especially in this low volatility.

So for me the 08.50 becomes a magnet and I will be trying longs under 1406.25 ..I'd like to see them break yesterdays RTH lows and then run out of selling power. that is the ideal case. Hopefully they won't open it up in RTH right at the 08 area. then we will have to wait to see what direction they try to drive it away from first.

I should also mention that the current O/N high goes well with the peak volume from yesterday. Other numbers below are on the vid. Hope all have a great day !

as i type :

This is aggressive as it O/N trade but I am taking a small long at 1405 in O/N with 07.50 as the target. We know 04 is an area and 01.25 is too.

trying to impove my O/N track record and there are no reports scheduled for 9:45 - 10...lets see how well this magnet can attract
Nice trade Bruce...
Click image for original size
I don't know why.

If anyone cares to speculate on a reason, I would listen.

but for some reason, L of 2 days ago is often a bounce point if tested from above.

L of Monday was 1401.25

any observations
moving target to 1403.25
1402.50 was the minus -4 of the open. We suppose to bounce here for a magnet to 1406.25 but since we close to lunch hour 11:30AM(Dead Zone) and low volume trading scenario for today I will quit on my target.
you have much more patience than I do johnpr.

I took a long but got upset that it did not react more robustly, exited with a whopping 1 tick.

I don't have VP other than what I get on IB, but I do run a 5 day roll (2hr prices) of VP and the 1400.75 was the LVN on the snapshot I took this morning, so it was of interest to me. No patience.

you can see this area is at the edge of the bell near 1400. picture is small, taken at 923am this morning, the smallest volume node in theis 5 day view was at 1400.75
I don't know why the chart didn't appear
(I know now, I didn't hit the upload button in the browse area

Click image for original size
I am screwing up left and right today, in post 2 ago, should read 24 hour prices (in the 5 day roll of VP)
I think they are on a mission to 1394.50 but are we to expect a 14 point range today ? that seems a bit agressive but given that we are taking out these low volume zones it certainly is possible especillay since YD was a small range day.
I would be shorting the 1400.25 I have my 4.236 fib.