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?
I made it couple of points here

Originally posted by johnpr2010

Here you are

Click image for original size

very nice john and thanks for the chart Too !!
not trading now but it seems as long as this POC shift holds at 21 we will see 1315 from last week
the poc based on time has shifted lower so we may need to go down to find buyers