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ES short term trading 10-4-10

The market has once again tested that 1133.75 - 35.25 zone in the O/N session.......originated from Thursdays trade but also tested there on Fridays low...that is still key support.

1141.50 is main magnet as mentioned two weeks ago....somebody really likes that number..the overnight also has a low volume area at 38.25 so that may need to get filled in a bit...( es currently at 1140 in O/N session)

Above 41.50 is the O/N high at 43.75 but I think they will push towards the 49.75 - 50 IF that key low holds in early trade

as usual we will watch where we open in RTH session to determine the higher probability fades.
timber...they may want 20.50 today
1131 from below if it can
above it 33.5,35.5
Click image for original size
es 12 10 1042010 60 min
The YM is still trying to show it's strength...not down as much as other markets....Lorn you touched on the core idea from earlier when you mentioned the Nq Divergence...

I suggest anyone who is interested to look at the YM and the ES from this morning and look where Fridays Afternoon high is....the YM was far above that PM high while the ES just tested it's PM high ( whic happened to be O/N high too)....then if you need further confirmation you can look to see where the NQ was while all that was playing out...

The point is that the YM has been trying to hold back this decline...

1132 is where all that great downside volume began so the buyers will need to resolve that...The last hour will get interesting especially if we are trading below 1132 at 3:15...

On days that the dow is the strongest are the days that are most likely to have failed air pocket trades....especially in the afternoon.I'd prefer to get back on shorts in anticipation that the ES and NQ weakness will win out
Es keeps testing that 1131.25 resistance. If unable to overcome it then the 1117.00 at 1.618% is next. (1117.00 was Friday's objective.) Will see what happens after the 14:30. ES now trading 1130.50 @14:02
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