ES discussion for Friday 7/31/09

Notice the reaction right off the RTH TL there. As I said yesterday, I can't imagine they won't try to close the month over 1,000, though.

Jim what bars you used for this TL ?

3-min chart, last two swing highs, one from yesterday, one from this AM.

But now it has a pullback to launch off of to take it out, so be wary of that.

So far, it has a lot of respect for that TL.

And not much reaction off this little bullish ABCD. I'd expect that to take over and launch it up and over the TL. Big clues, what it does here.

thanks

AT 10:50 nice TD ABCD but against context

Another bullish ABCD here. Amazing how that TL sent this down.

It really was kind of a big bearish TD at that line, too, if one wanted to think of yesterday's high as a reversal point. I didn't see it that way, so seeing that TD as a correction in a downtrend wasn't a good enough bet for me, at least on that timeframe. But it was good enough to potentially be looking at an intraday scalp. I'm still leaning towards a month end window dressing, but so far every chance off that TL to take it up they have failed to show interest.

Sorry, BBJ, you are one of the handful that follows along and participates, and you get the short end of the stick, but there just has to be more people like you for it to make the effort worth it for me.