ES discussion for Tuesday 8/18/09

Does anyone feel like the trap is coming..? it was an inside week last week..if we reagain 986 I will be on guard.

My first area of interest comes in from around 89 half to 90 quart, but I rather suspect this will rise all day, perhaps making back all of yesterday's loss. We'll see, though, price action in the key areas is king, as always.

From a time standpoint this rose a little more slowly that my Fib and line intersection pointed to, so the line has now been hit, with the Fibs just above, as mentioned. Point being, it has done enough that if I got a trigger in here I liked that would be good enough, as far as the setup goes (but not the 'context'). But, it's a tough trade because I'm very strongly long biased right now, and to get on the short side I'd have to get off the long side, something I'm not ready to do just yet. Just some thoughts.

What a battle in this area...

I suspect it will resolve upwards, and soon, off this little ABCD variation in here.

And it does...

The behavior is not right for continuation in here. Then, again, behavior doesn't mean squat if MRRD's are running the show. But this has a 3-Drives look, and that little ABCD only pushed it to a nominal new high and right back in it came. It might be done. I'm watching this area closely.

I feel like you ..long bias..retracing yesterdays gains.would be a sign.. everything across the board just died.

Crude is really melting up. It is just infinitely better for trading than the ES, in my opinion. I now spend like 90% of my effort on crude instead of the ES.

Okay, the next line is hit here, at the same level I was watching before. Let's see what it does. I still favor up until close, but let's see what the market says...

As long as it moves, it should be tradable. And that's all we should care about as traders. Try not to get too caught up in how 'stupid' the market acts most of the time.