ES Wed 7-20-11

Hey, where'd everybody go?

Bruce is too busy makin' money on his new fangled footprint charts

What has happened so far today?
- Price tested last week's H (1327.75) and was rejected.

Now there has been a test of the overnight Low where some buyers stepped in.

If overnight midpt acts like resistance (1325.25), a push down through lows established right now 1320.50, would be an invitation to visit single prints at 1317.
Paul - while I agree with everything you say, after yesterday's open and drive, I would be more inclined to look for a balance day - though I do think your are right, we should see 1317 some time today.

could you give an explanation of a balance day.
I am not well-versed in MP.

gotta be some news... anyone knows?
all I see is that NQ closed it's last gap
None I can see here..just noise after a big trend day perhaps..lousy housing but that is not really much in the way of news lately....
and that somebody found God in Mississippi Delta (CNN), nothing on Reuters
Swamp People??????????
There is some single down around the 19. level acting as support
also low of over night levels
no news whatsoever

we bounced right off yesterday's vah; naturally bulls want price action to develop above it so we will see what happens; biggest 1m volume bar thus far developed on that test

if we pierce inside yesterday's va then 16.5 is a single prints level and 14 is vpoc from yesterday, so two levels for potential long scalps (pivot lies in between those levels)
Extremely boring no-action day but it was a text-book Market Profile day. i.e. Opened above the Value Area and then used the VAH as a support price.

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End of Day for 20 July 2011