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ES Tuesday 10-7-14


not so clear today but I am using 54 as a magnet in early trade...YD was a low volume decline and all the trade is under YD settlement in O/N session.........probability tells me that 64 OR 48 will print today but that is of limited use unless you keep taking trades off of the first 5 minute bars range highs or lows.... watch 47 - 49.50 and then 44 area on downside....

big selling would have confluence with SD bands and S2 at 38 - 39......nuff said..I am looking for longs in On at 49 - 50.50 area but prepared to add in and be more agressivfe if we can push under the current On midpoint...54 is closest volume magnet I see......I don't like trades inside of that mini bell of yesterday so 58 - 61 is a better magnet area and if fading from long side then wait until we push above YD VA high near the 64 if you must take the short today
No video below? Try this link: tuesday.swf








and here are 30 minute untouched volume nodes.....attractors..
Click image for original size
thirtyminute
for those watching...notice how they tried to leave single prints behind on the IB long breakout but then hit the Volume va low from yesterday and came back to fill them in....point is that single prints left behind on the 30, 60 and 90 minute ranges get filled in a lot........the 30 minute has the highest chance of NOT being filled in at 7%...so 93 % of the time they come back to fill them in....60 and 90 minute ranges have an even higher percent of filling in.....point here is that it really doesn't pay to be a breakout trader from 30, 60 and 90 minute ranges......I'll leave u with that...breakouts work better later in the day when most of us smart people ( with broken backs from watching too many afternoon trading sessions) are long gone and not watching the market anymore.....

Ok, Bruce kicks the preaching soapbox aside and steps down for the day >>>>>>
and one last thing...it still seems as if the buyers are stepping in slightly under the 50 - 51 spx cash 50% retreace line I mentioned this morning ...so watch that 50 - 51 line as per cash that would be about 42 - 44 the ES....