In order to overcome the 1273.50 resistance barrier from this afternoon, I think the ES will need to open gap up and above it.

So for tonight and tomorrows trading: If ES moves above 1272,50, will target 1276.75 as first objective, above 1276.75, 1281.25 as second obj. above 1281.25, 1285.75 as third Obj.

The voiding point for that possible scenario is at 1269.25.

Below 1269.25, 1265.00 is next support.

ES trading 1272.00 @ 22:22

Will see, and as always, the market has the last word and in due time will show us the way.

so did every body buy that 66 area?

thanks Chris...Missed that one...weekly open is down at 63 area if they roll it over again..gonna go get some lunch...all air left over from Yesterday is filled in...perfect!!

Keep watching the euro. It took awhile but equities quickly caught up with the tanking happening in the euro. If the euro can find a footing maybe equities can attempt a rally. Until then, and certainly as long as euro continues its decline, equities simply can't ignore that for long.

yes...but to exit shorts only
I stink at reversing positions

Originally posted by koolblue

so did every body buy that 66 area?

Originally posted by BruceM

yes...but to exit shorts only

I stink at reversing positions

Originally posted by koolblue

so did every body buy that 66 area?

Well, once again kudos on a great short!...and kudos again to Charter Joe for his short of the euro days ago at 1.34!

Originally posted by BruceM

took majority of shorts off on second campaign at 66.50......mean reversion at it's best...va low is nearby

Excellent trade and exit Bruce !

I did, actually 1267.25 with stp at 1266.00. I'm looking for a retest of O/N highs possibly 1280/81.

Moving below 1266.00 will void my objective and have me reversing towards 262.50 and possibly 1257 area.

ES trading 1269.00 @ 11:55

Originally posted by koolblue

so did every body buy that 66 area?

Great work Bruce! And KoolB. and Lorn good calls and charts. Thanks

PT... I would be very interested in your perspective when you have time!....

It doesnt get much more boring than this... i'll try a sell at 1271.50 or a couple ticks higher, and a buy at 1263.00-1264.00....

Here is one example of double bottom, "BUT" it is in a 2M chart.

Below is a pic of 3 intraday charts from the same day session 12/31/10. A 2M chart (left), a 5M and a 10M.

In the 2M chart, notice that at 09:46, the price hits the daily support trend line and percentage support cluster (78.6% and 127.2%) then bounces off. The second 2m bar, at 09:48 opens right at support and also bounces off creating a double bottom with the opening right at the low on support.
Notice that the other time frame isolators where working their way down to oversold.

This set-up does not happen often but when it does it is fun to trade it.