ES Day Trading 6-1-2011

Some early observations.

Divergence between ES and NQ at there respective O/N highs as NQ surpassed the 8:00pm highs made while ES did not.

ES has now traded back to yesterday's POC of 1337.75 and trying to stabilize.

1338.25 is the 2.618 projection down off the 30-min initial move. 1333.25 is YD RTH low while just below that is 4.236 projection of 1332.25 off the 30 min initial move down.

CD divergence at the high also indicates to me O/N inventory is currently short. Do they have the strength to keep prices going lower?
long again 31.25...will add lower ...damn hour range players
Still looking for 1335-6, then 1338.75 later?....
revising add point to 28 if it comes to start looking for add on...that will put this on opposite side of that symetric volumne from Fridays trade and the plan will be to target the 30 retest from below
Lets not forget 30 will be gap close.
conceptually a great trade idea....buying the hour break into a key zone...just not sure the trading gods will shine down upon us on this one..
Just stopped on my remaing position at 1330.50...ugh .. waiting for another long!
have to leave for one hour, but i want to emphasise my belief that this area is an excellant risk- reward area for longs... in fact im sorry i had my stop so tight!..But time will tell! Also be advised somewhwere between 11 and 11:30 (est) this down cycle should end
if they close this 30 minute bar below 31.25 then we will have two sets of single prints today....most days we don't see two sets hold the market.....looking to add down here
added at 27.50.....gonna get tricky now....theory states we willsee a 30 retest...
probabaility watchers will look to see if second set of singles forms and then attempt IDEAL longs under the 90 minute low...they may not getthat chance today..
the poc based on time has shifted lower so we may need to go down to find buyers