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ES Monday 9-16-13


Big gap up over the weekend, back into record territory. The first chart is from August 5th and 6th, the last time we were at these levels. I didn't snap lines but you can see the high at 1705, the dip down to about 1697.50 and the retrace to 1703.50. After that the market started to fall off.
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es8 5 8 6 13

The second chart is current 60 minute. The lines only depict last weeks highs and the overnight support level which is also at 1697.50. Overnight markets are balanced and it's a long way back to fill the gap. Fed meetings this week to contend with also.

Click image for original size
es9 15 13 60min
trying small long at 93.25....95.50 is target.....quicker traders got long under O/N lows....ideal longs will be from under 91 if they can push it...counter trend on a drive day has me still keeping it small...

half gap is near 90 too now
revising first target area to only 94.75...,,,,data issue has all the volume at 94.75 - 95 .....so that is my key
with a lit of luck we will go back for the 97 test but my last target will be 96.50....
96 - 97 was our first zone from page 1 and midpoint is at 96.......a good area to start covering IMHO....especially if you have little working ...like me
i ended at 96 print...just wasn't worth it as that is days midpoint and stuck inside Ib range back to one of our zones
they don't usually blow through TWO zones consecutively....but even so I wanted to wait until we got back above that 93 to try the longs again....if it kept going then that would have been two blow throughs in a row and I would have used the 90 area as a target for the 93 - 94 zone....I was hoping that no sellers were eager to sell below The O/N low,,,,that seems to be true so far
Nice job Bruce, thanks for the running commentary. I'm looking at a move above 97.50 as bullish to get those early sellers, we'll see.
it certainly seems that price is being accepted under the spike and va high from August 2nd....if that holds true then the IB low and the 90 area would be the targets...
it certainly interesting...I guess u could also look at as holding and consolidating above or around the POC from 8 - 2/////


I hope it runs up 4 ya if u r long bkay
I don't have anything cooking today, just my observations. I too would have liked a look down to the 90 area, I had 90.25, but didn't get there yet. I probably won't try anything until this afternoon if at all.
OK, I did figure out how to set up that 30min volume profile chart.... So what Is the best way to use this?

I understand it is showing me where the most volume is at certain prices. It is my understanding from watching you that ...these levels are then areas to be aware of for support and resistance areas?

thanks if you can lead me to some of your videos that explains this more.