ES Thurs 06-23-11

Rare indeed double islands. Islands by themselves are rare and rarely last for long, but right now this, a double island set is something else.

for today, Thurs 6-23-11, if price opens in a gap below 75.75, then the market has created double islands one above and below.

The gap that remains open for both is 75.75 to 77.50 (and I would expect it to be filled sometime today)

price is testing 50% of the prior week's range (1269.75), this is a likely bounce zone, (short-term intraday) but can easily be retested RTH. if there is a lift from the current 50% of last week's range, and then a retracement (would prefer to see retracement undercut whatever L is established now by 1 tick), the pattern I look for is a 1-2-3 buy (AFter some sort of a lift and retracement.)

this might be my only comment of the day
Originally posted by Lisa P

WTF was that?

Search me but I got smoked for -2.25 before it ran 3.50 my way! ARRGH
News: White House says US debt talks now in "abeyance"
eu deal for greece
Yeah,but did the Greeks agree?
BRIEFING.COM] Stocks had spent the past hour drifting lower, but a sudden barrage of buying recently caused the major market averages to rally. The bounce coincides with reports that the European Union, Internatonal Monetary Fund, and Greece have reached on agreement on austerity measures for the country. Stocks now trade at session highs.
yep...5 year austerity plan,,,fwiw
That was a pretty short-lived
greek tragedies,,,,,, easy come easy go............
Nick...u want to keep track of 50% of the developing days range......a key reference....not the IB midpoint...sorry for the delay!

trade on both sides of IB today wants the extreme close.....interesting day!
wasn't here for the second set of triples but congrats to those who got lucky on that long rocket....a perfect run of both sets of triples today