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ES Monday 10-6-14


Gonna kick off with this video and will add a second one to this post in a minute
No video below? Try this link: monday_10-6.swf










here is more ramble and I also forgot to mention that fridays gap and go rally was on lower volume than the previous day...u can see that on my SPX chart that I posted on the first video....so I am building my case for the short fades in early trade today
No video below? Try this link: monday_part_two.swf






Welcome back. Bruce.
I was just about to start a new topic for today's trading.

O/N inventory is long.
With today's gap open, the question is: will the gap be closed or not?

Numbers above: 1970.50
Numbers below: 1964.50
I was waiting the O/N high but it all happened too quick for me
selling aBOVE the On high in RTH ...68.50 is magnet to make up for O/N initiations
70.50 and 71.25 is that ledge area from 9-30 trade and 1973 is where the volume came in to initially push that trade down...i like this zone for sells...heck , it's also a plus 2.5 area
coming out heavy at 68.50 and will try to hold for 64.50.....
revising next target to 65.50...just slightly above O/N midpoint....
I have cash high at 77.84 and right at the 50 day MA .....this could get interesting up here as they are near the 1975 ...and all 25 point increments are key to me...the 00, 25, 50 and 75 numbers...amzing how they will key off these....and I hate to say even more so then the ones from the ES RAT numbers !


we need to get rid of this 68.50 magnet and get a move on lower...c'mon !!
Are they now:
(1) going for a gapclose at 1964.50?
or
(2) going for that prominent POC at 1960.00?
1960.00 prominent POC = also O/N low
taking something at 65.50 target....gonna try to hold last for 62 which is a long way off to me......if I had more on I'd be also be trying to hold for the daily pivot or slightly above at around 58.50.....the current high shows no real impulse and on my data we have three different and separate one minute bars at that high....I'm not saying they will take it out but I am saying that I don't love that high...

I'd like to see them keep this under 69.50 now or else my 62 target will be in trouble
and another way to look at it is this...today we are one time framing down and all areas that were once single prints have been filled in...except we haven't tested officially the 120 minute low which was right near the 90 minute low