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ES 8-15-16

I'm looking at 83.25 as a magnet price today in early trade There really isn't too much to say due to to this diminished price action . Faders will want to see what happens outside of last weeks highs up at 85.25 and we currently have an Overnight high at 85.75. Best thing would be to see a weak breakout up and then a roll over to the 83.25. I've also created a zone at 79.50 - 80.50 in case we can get a nice minus 4 run today. I'm not sure that will happen but that is my additional area. I think we can also still stick to our OR trades as long as the OR isn't bigger than 2 points and if it is then still use a 1.5 point stop anyway.

If we break out above last weeks highs and don't quickly return to the breakout point then I would be careful fading ( selling) as Mondays have a higher rate of failure in terms of probabilities going back to the overnight we may not hit the midpoint if that happens!

The mechanical traders should do well today but I wouldn't flip more than 3 times to try and get the minus or plus 4 ...

good luck and I hope the day goes well and you get done quickly today
Look at that ...these markets are just too funny...they stole our magnet price in the overnight. R we suppose to sit by the screen all day and all night now ? I don't think so ! For me it will remain mostly the first 90 minutes of RTH as usual but it's always interesting to take a peak at other times