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ES Tuesday 10-29-13


Once again the small ranges lead to tight zones.....so i am not thrilled with any of the areas and this market seems so manipulated that once they start selling that many of our levels will be useless....

First support zone for me is 56.75 - 58.75.....resistance is really at 61 - 62.25 but then we have a pivot number at 64.50...and then weekly number at 68.50

Interesting that yesterday we traded inside the entire overnight range and so far last night we traded inside the previous On range too....so we are consolidating with 62.25 as one extreme and 51.50 as the other......a failed break of the highs will try to target back to the middle....so even though I have the first support zone I think players will also be watching 53.75 - 54.75 ( pivot number is here too)......whew...these zones are tight...I hate that....good luck I think us faders who are buying will need luck as the sell off will come eventually and we may be run over a bit
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on 63.50... I think I may be early..trying for 61.50
runners trying for 59 even but if 62.25 trades again now they will be stopped
ideally we don't want to see this back into todays single print selling tail which is also those highs from the On and sundays O/N session...if they can stay back away from that we have a good chance to get down into the 53 - 54....value area players will try to buy our 59 so we are glad to sell something to them...I'm trying for 57.50 - 58.25 next....in small ranges you need to scale at small targets....unless you are good at holding through bigger drawdowns.........that is next zone and O/N midpoint down there too