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ES Monday 1-12-15


Good morning to all. Here are today's bands. Good luck to all and hope everyone has a great week!

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iv011215
Here is today's trading picture from my point of view.
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011215prechart
they are really fighting it out at 38. i do not think i want to get long here for the midpt because there is a lot of volume here. they might try testing Friday's VAL at 35 and that might be a better place to go long? not really sure. the waters look muddy so i will sit on the sidelines for now. unless Bruce has a different view.

also the danger under 35 is that they might try to go for what i consider a bad low at 31.25 and try to rectify that. again, not really sure...
although it looks like they are defending the 38 fairly well so far, so they might just shoot up from here...
I think we are in synch newkid....that 38 is Fridays 4 pm close......only real confluence I have is about 23- 24 is daily s1 is down there and I have a greenie at 28.75 and weekly pivot is 27 ......probably going to sell near 41 in On with plan to get back to the 4 pm close...here's how I see the rest and why I would try to sell here in O/N ...pivot today is 42.25 or so
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thanks Bruce. so you do consider that low to be a bad one and odds are that it is taken out?
i did not get in on that short from 41 so will wait until RTH open to see if i can get in. else i will have to see how the open plays out and then look for a place to get in...
I do consider it a poor low and good odds to be taken out but the hard part is that we never know WHEN poor lows or highs will be taken out.......we have poor highs up at the all time highs and those have yet to be taken out.........so I wouldn't get too blinded or biased based only on that.....perhaps use the midpoint and the 41 - 42 as a filter today to see if you can get that low.....we have greenies at 49 and then down at 29 ....so at 38 - 39 we are right in the middle of those...I would expect to see at least one of those print today.........just not sure which one but again we can use fridays POC as a possible filter.......just take the signals at your lines and use runners for bigger moves if u get lucky
Originally posted by NewKid

thanks Bruce. so you do consider that low to be a bad one and odds are that it is taken out?
pitbull says sell because we hit the +2/5 number and back at open..
agreed, just could not decide if that was a poor low or a double bottom. also agree on the highs. got my eye out for those too.

Originally posted by BruceM

I do consider it a poor low and good odds to be taken out but the hard part is that we never know WHEN poor lows or highs will be taken out.......we have poor highs up at the all time highs and those have yet to be taken out.........so I wouldn't get too blinded or biased based only on that.....perhaps use the midpoint and the 41 - 42 as a filter today to see if you can get that low.....we have greenies at 49 and then down at 29 ....so at 38 - 39 we are right in the middle of those...I would expect to see at least one of those print today.........just not sure which one but again we can use fridays POC as a possible filter.......just take the signals at your lines and use runners for bigger moves if u get lucky
Originally posted by NewKid

thanks Bruce. so you do consider that low to be a bad one and odds are that it is taken out?

from the On there are greenies at 33.75 and 46.75...if u r short I would use that 33.75 as a secondary target and most should have come off at the 4 pm close
thanks for that note Bruce. i have not heard of this magazine. will look into it..