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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 midpoint...so 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