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ES Friday 3-30-12


GM all. Question for Paul. I was looking at your week extensions theory
and you outlined a down move. Do you also use Mon extension in the same way plotting an up scenario?
Absolutely. Extension Up or Extension down

RTH prices only.

there are so many ways to look at the market.

simply moving above MOnday's H, then that H becomes an important potential chart pivot point (chart pivot point as opposed to a calcluated PP) (same in reverse, go down, come back up what does price do on test of Monday's L. Here is where I have been trying to figure out if Bruce's observations of LVNs can offer a 'tell' for rejection or not.

price gets above it (MOnday H), you know you have to pay attention to how price reacts when it / if it comes back to test it. it's eithr going to act as support for another leg higher, or it will fail and I would watch to see if it came in to test 50% of Monday's range (or monday's C whichever is closer to Price).
BTW,
Monday's Low (RTH) was 1401.25.
I'll be curious to see PA if price tests that in the RTH.

I see volume profile in the overnight has LVN near 1400.50 to 1399.75
hmmmm

Today has potential to just go sideways as money managers should be happy with strong quarterly results and don't want to upset the cart before the close of the quarter.(when their management fees get calculated by fee percentage multiplied by marked to market assets under management) vested interest?
where is THE BRUCE. I didnt see him yesterday or today? I love his thougths on the market. He seems to be spot on most of the time.
I'm here...right on with your 1401.25 Paul...groovy man !!
1398 would be my buy as DS line is in low and extension from 8am initial move give a 2.618% fib confluence with my PRC low band.
Hey Paul, thanks for your response yesterday, and rburns actually followed up on what I was going to ask you. Good stuff!
took out all at 1400.00 flat
See ya all on monday going to lunch an quitting for today. Good luck on your trading today...