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ES 10-08-12


what i'm looking at so far:
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That 57 area seems relly important to me. It ws the H of the week before last week.
Think about it it, last week peeked ABOVE that 57 Weekly High and basically was rejected. Is it really Resistance? a re-test with a rejection would strengthen that opinion.

Weird day today, Bank Holiday, (Columbus Day) no Bond trading. Lighter ES volume likely, small range on day about a 4 in 5 odds of occurring.

Thursday into Friday overnight Low was 54.50... I see on overnight chart that 30 minute bar (2:30am to 3:00am) had H print of 54.50, and Rejected. SO on the chart (just a price chart) 54.50 is B/E line for traders that shorted overnight.


Friday L of RTH was 48.75. That was undercut by a single tick in the overnight and buyers emerged (I think buyers emerged to take profit on shorts)

Move to test 54 handle my guess, but can't rule out a retest of 48 handle. Have to watch PA on a move to either zone.

DB without going more than a point below current overnight Low of 48.50 would be a real strong potential reversal point.

That's my opinion.

and remember...

"Markets are never wrong; Opinions are." JL Livermore


Question
This market's like pulling teeth without novacaine.

I'm done for the day...going to do research.
wow bruce u have a nice voice. makes me feel all tingly.
nice to c u Feng...been awhile...how is everything going for ya??
looking for buys now at 38.75 today for the 44 retest ...key support at 36.50...may the force be with us all
41.25 is first logical volume target...if wrong and new lows they may try for the volume players at 36.75 ...hope not !!
based on the IB we are very over extended but that was a small IB..still we have gone past it by a lot of points and this is a good TIME for sellers to take off profits..I'm taking multiple tries down here on the long side..I have 39.25 and 41.25 as the volume magnets to trade for so anything under 38 will have me looking for longs again
went flat on the way up in stages into that 41.25.....38 - 39 is key support now intraday...holding only one contract with a stop at 37.25 with the idea to try and go get 43.75...that is key LVN generated today
I'm buying weekly SPY 145 call options at 48 cents down here...a safer way to play in these developing High volume areas and I think they will need to come back to 44 area still but just may not happen today

you donot usually see only one TPO in a low volume area from a previous week !! so we need another tpo to go fill in above
I think you mean monthly call option