ES Wednesday 11/20/2013

Good morning. possible important day today. Fed min will have an impact at 2:00 est, so watch out for that. First the big picture remains the same. A move to 1773 would not do any real damage on the daily chart. (refer to yesterdays first post for the chart).As one who believes higher prices are in store between now and the end of the year, i guess im a bull , but short term ive been negative mon and tues. Last nite globex tested the 1782 low again and we are currently in a nice bounce off of it. Note the avgs have remained in negative posture most of the decline. It wont take a lot to turn them positive as you can see. Trading above 1787.50 for several hourly closes could do it.
We are certainly in the time frame for this correction to end.. strong seasonals for the next few days after today that is. notice on the average of all days in the month, the timeframe could be right.
And the November seasonal hint toward today, the 14th day of the month.
This is why im hopeful that either a low is in at 1782 or a short distance lower soon.

Thanks Kool Good trading to all

NickP's posting in another topic:

Originally posted by NickP

here's what i have...pretty convoluted...i would still expect this market to test the 94.5-96 area at some point

84.5-86 below and below 82 i have 78-79, 74-76

good luck

Click image for original size

I just sold my 1793.50 number. it went a little higher, indicating higher later. we were so extended on my 3 min and ten min charts that i had to try(even tho both charts are positive ). just trying to get an exit at 1791.25 tho the target down might be a handle lower

hope at least somebody was paying attention...today they stuck to the script 100% !

Originally posted by NickP

here's what i have...pretty convoluted...i would still expect this market to test the 94.5-96 area at some point

84.5-86 below and below 82 i have 78-79, 74-76

good luck

Click image for original size

[/quote]

bingo! 2 handles on 2 contracts

Buy the way, great call on the 94-96 number Nick!

UPDATE:

thx kool, nice short btw

Originally posted by koolblue

Buy the way, great call on the 94-96 number Nick!

Because of the fed min at 2:00, im actually surprised there moving the market at all. Still wonder if 1782.00 is the low i expected..17.75 handles is enough, i just thought we would get a little more.

two nice bounces off the zones i mentioned below 82...not to mention 84.5-86 was a nice long in the morning and 94.5-96 was basically reached as well

they don't always do, but u have to enjoy it when things go as planned

Originally posted by NickP

hope at least somebody was paying attention...today they stuck to the script 100% !

Originally posted by NickP

here's what i have...pretty convoluted...i would still expect this market to test the 94.5-96 area at some point

84.5-86 below and below 82 i have 78-79, 74-76

good luck