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ES Wednesday 9-9-15


Good evening to all. Looking at the daily chart we can see that we are in a compressing triangle, depending on how we draw it. I am still seeing whether we take out 1991 or 1831 and after taking it out if we continue. That is going to be critical in my opinion so I will be on the look out for that. Similarly I will be monitoring the triangle breakout as well.

Greenies: 1894, 1923.25, 1949, 1979, 1995, 2014.25, 2053.25, 2077.75

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daily090815


Bonus weekly info: Last week's high was 1983.75 and the week before was 1991. So look out for those levels to provide some resistance as well as to act as guidance on the upside.

Profile:
Today was a strong day for the buyers as the close was far from the VPOC of 1949. A late day rally drove us to the highs. The profile looks almost "b" shaped, except for a few anomalies, and that is usually an indication of short covering. I am not completely sure if this was indeed short covering or buyers stepping in but it should be interesting to see how the next few days go and if we are able to get over any of the upside references or if the markets rolls over again.

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mp090815


The split profile shows some liquidation/overnight inventory adjustment/selling in the first 3 periods before the buyers came in to defend the single prints from 9/3 and pushed the market higher possibly trapping some shorts in the process. Recently selling every rally has worked fairly well and traders are going to keep trying that approach until it fails and they are proven wrong, which they were today.


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mpsplit090815


As mentioned earlier, we are approaching a few demarcation points on the upside so keep an eye out on those. There have been rumors/guessing in the market with regards to world-wide Fed policies so I am not sure if all this buying is happening just on hope. But until anything is proven wrong, stay with it.

We will see how the O/N inventory plays out in the morning and go from there. Good luck to all.
LOL...sO FAR... Taking 5 off at 72.00 and holding for an approach of 77 on the balance hopefully.
78 is a LVN for today so that could be a stumbling block. so your 77 makes sense
sold 5 at 1972.00, holding the extention of the balance for of the initial move from 1965.50 to 1968.75 ..or 1977.50
testing YD's highs again....
looks like folks were front running the greenie/VPOC of 1949