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ES Wed 8-10-11

The end of day bounce yesterday (Tuesday) left a single print at 1149.50 and the day's trading created a value area bounded by a VAH of 1148 even, just 2 ticks below the single print. The chart below shows Monday's trading session as cyan (blue) bars and Tuesday's trading session as yellow bars. The white bars show the overnight action. You can see that on Monday there was support (and then resistance) at around 1149 and then the overnight session used that as resistance and then most of Tuesday's session used that as resistance until it was broken at the end of the day. Now with the VAH and single print marking the spot and the market looking like it is set to open above this area my call is a long at 1148 or 1148.50.

Click image for original size
ES overnight for 10 August 2011
if you have Bloomberg terminal, by all
god i had low VOL today at 35.25 it held it for 3 mins
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