ES 5/17/2011 Unfilled Gaps

Good morning!

Watching 4/15 (1316.25) and 4/19 (1308.25) unfilled gaps for support this morning.

Daniel

I'm using 27.50 as first restistance as we have low volume from day session but High volume from O/N there....

Above there is the price spike and VA high, Overnight high up at 30 - 31.0....
Big area for today *********

Initial point of the downside will be 1322.50 as all the volume before that last price drop happened there...so we can extend initial support down to the O/N low at 21....

so 21 - 22.50 is key on downside...

Originally posted by BruceM

I'm using 27.50 as first restistance as we have low volume from day session but High volume from O/N there....

Coincidently, that's today's gap fill that I am watching (27.25).

Weekly S1 1322.50 and Weekly S2 1310.75

Back at S1 (19.75), hoping for push up to gap fill from here (27.25), then short to unfilled gaps.

BANK pushing up toward its gap fill. It gapped down 6.24.

Yesterday was a down day and we opened below yesterday's low, so that hurts the percentages of gap filling.

Daniel

for info if any more downside 1318.3 (Stretch 1.61) 1313.80 (stretch 2.61). Note I have been looking more at Dow futures then SPX futures, so dont let these numbers put you off

Originally posted by BruceM
Initial point of the downside will be 1322.50 as all the volume before that last price drop happened there...so we can extend initial support down to the O/N low at 21....

so 21 - 22.50 is key on downside...

Came down and tagged that area you mentioned. Nice!

I have a higher level fib at 22.25 as well. Feeling a little more worried about seeing that 27.25 print now.

BANK did fly through its gap fill, but is pulling back a bit now and ES is reflecting it.

neo,
can you provide the description of the ticker you ID as $BANK?

who's bank index is it, I assume it's Esignal ticker

as long they can keep it inside and above Mondays RTH lows then they should push for the 30 - 31.50

Originally posted by PAUL9

neo,
can you provide the description of the ticker you ID as $BANK?

who's bank index is it, I assume it's Esignal ticker

Yeah, sorry, $BANK is the eSignal ticker. It's the "NASDAQ Banking index". I'm not sure of the ticker on other platforms, unfortunately.

http://www.marketwatch.com/investing/index/bank

so far we are holding above the open, the key 22.50 area and yesterdays lows......but we seem to be rejecting that 27.50...

so 3 out of 4 filters favor the long side still...if we start getting under 24.50 then we will only have 2 out of 4 in favor of longs....so split even between bears and bull filters

stuck inside hour range too.......

if we make new lows on the day I would be real careful fading down there...probably be better to look for sells then

old school analysis here:

measured move potential to 1314.


5/2 H = 1367.25
1st L 5/5 1325.25
diff = 42
sunbsequent swing H on 5/10 at 1356.50
1356.50 – 42 = 1314.50

Speaking of gap fill levels, today's gap fill is at 1327.25, which we have been struggling with for the past 45 min or so.