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ES Thursday 7-10-14


a key look at the zones for today....biggest thing for me will be the Bell curve from 6- 27...early magnet ZONE for is 1948.50- 1950 as the VPOC of O/N is there too now....other key areas will be a zone from 1942 -44.50 which I am using as my key support zone.....if we start getting under there then I will be less tempted to buy......in general my plan is to buy into the O/N weakness after 9 a.m as we are printing 1945 as I type.....


here are VA's and POc's of various days...the areas where the magenta lines come close to the green lines are more important to me.. we have some nice bell curves that sit above the market too...the POC from the WEEK of 6-23 is at 48.50 too...so bulls will need to get above and hold above there to have any chance today
Click image for original size
daysession
starting small longs at 45.75 in O/N ...bigger plan is to buy into 42.5- 44.50 in rth.....and use 48.25 as a first target.
almost all On inventory is short which leads me to press long side in RTH
I bought OR high because it didn't print down to my lower zone...came out small at 48.50 and now heavy at 50.25....On VPOC is here...OR tarde was difficult due to proximity of first key line
we need to see the POC and VA high zone from 6-27 hold now in order to get to 54.50 ..otherwise bears should take over down to 44.50
Value is building lower.
So would a short be a trade to consider now?
I thnk everybody and his brother is short already... if we one or two tick the low for the decline and don't immediately cascade lower, it might be time to squeeze the shorts a little.
So was that a classic pitbull trade up 4 from open and sell @ the 2.5 on the way back to open??
Ok Paul.
Will the gap be filled today?
I don't know. I doubt it. because of the size of the gap, but I have no idea.
If anyone has the Advance decline line just for SP500 stocks you can easily see how those component members are being used to manipulate prices... there have only been a couple of minutes when the SP500 advance decline line has been under zero today even though the NYSE $ADD is way down at negative 1847 and hardly even edging higher.
Wonder if the O/N stat will be filled today??
Well done Bruce