ES Monday 7-14-14

Well the strength from Fridays inside bar up close has carried over in the overnight so far. I was hoping for long trades inside of Fridays range but that doesn't seem to be part of the plan this morning.

I have the following price points to work from today

74.50 price action from a day session

71.75 price action from a day session and near current O/N high

68.50 - 69.50 this is price action and R2 today

64.75 - 65.75 this is price action and R1 today

59.50 - 60 this is pivot and the VA high

55.25 - 56.75 this is S1, poc and VA low


My plan is to look for an inventory adjustment as per Dalton as all O/N trade has happened above the close of Friday. So I prefer sells after 9 a.m. above the 69.50 edge but ideal sells will come in RTH up near 71.50 and possibly 74.50 if they can push that far. Keep in mind that Friday was an inside day and a gap open higher implies a POSSIBLE breakout.....I only will try buys near 64.50 - 65.50 and at 59.50- 60.50....these would be smaller especially if we open and drive lower quickly......watch where your O/N midpoint is before we open and look to last Mondays Range for confluence points with the overnight

here is how my rth chart looks

HA HA HA,
I had wrong ticker... $ADSPD is the correct symbol, I looked at it, what you cited is correct... However, I want to know what the thing is that I have been looking at....
I went to Trade Station to ask them what that ticker symbol is, it is described as S&P 500 Alternative Advancers minus decliners .... But the guy I chatted with didnt know where it came from.
Here's the weirdest thing... I have been using this thing, this "Alternative" for almost a year and it has helped me fade moves... other times, in huge up move, it can be consistently High and it tells me do not fade, or if fade, only seek 1.5 to 2 points.

I wonder if the ALternative is stocks in similar industry groups and market cap???? I can't find a thing on it... Bizarre.

Paul,compare the two. I bet you'll find they move the same.

4.25 pt range, so far.
I remember Dalton saying something about an initial limited range and the possibility of a double distribution day.

TI they do move alike, but at different levels, there is alsways a spread.