ES short term trading 2-09-11

Looking at 1315 - 1317 as critical support today...this would include the VA low, the current O/N low and for the biggest reason is that 1315. Yesterday that had all the big one minute spike volume so somebody was interested in defending a real key number. When a market doesn't come back for a retest of volume like I was expecting it to do yesterday, then I will keep track of that volume point. So 1315 is that point!!

Below there is the 1308 - 1310 that includes mondays open print and the high of last week !!

On the upside is the secondary Volume of the 1320 a key number..

Even though we have a gap above to use as a target I'd prefer looking for shorts on any brief rally up today. We had lots of divergences on the way up yesterday that seems to point to a tired market for this week.

It is also unusual to not have a retest of a weekly last weeks high at 1308 is a giant magnet....just not sure if today is the day.......we've had an extended weekly run so it would be odd to just keep going up this week without that retest..

Good trading today
Man, there not making it easy for me today!...This becomes a tough call on where to sell. You have hourly air at 1317.25, and the projection (1.618)at 1317.00. But the vwap is sightly higher at 1318 and the 2.618 is at 1318.75. So some freakin where between 1317 and 19 is the sell zone, but thats a pretty big spread for me!...watching
I'll probably regret it ,cause of the danger of a move to 1309, but i will still buy 1313.50 for a bounce as posted above...
wtf!?! Missed by 2 ticks again! Thats getting to be a recurring theme today!...
Here is a look at the VWAP chart. Prices are challenging VWAP now. Both extremes on either side of the line have been touched today. If one gets broken perhaps we see some range expansion.

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I'll be selling 1318.75, the 2.618 if it gets there...
neutral day...both sides of IB range broken...buyers need a 30 minute close above the midpoint which is the 18 number and to hold above 60 minute low.....not in a trade currently...don't like initiating inside the IB...especially on days that are neutral.....
Click image for original size
Next little turn point about 10-11 min
covering 1317.75..this lack of action is just too boring for me!
...and that is typical ES action!

Originally posted by koolblue

covering 1317.75..this lack of action is just too boring for me!
Trips left on the board down at 1315.25 which just happens to be one tick below the VPOC for the day.

Originally posted by BruceM

yes Lorn..I'm guessing it's gonna be even steven from the open print or even higher possibly above triples.....but this is outta my time frame....just watching to see if they can close it at 3:30 above the O/N low...we gotta remember it's still a neutral day