ES Thursday 9-22-11

It's always after the Fed. where the good trades unfold. The 1169 extreme support and objective posted this morning got blown away and the ES close 14 points lower at 1155.75.

Tomorrow I will be looking at the following numbers for trading set-ups.

For the outside: I will look for the market to move above 1156.25 and use it as a "platform" or support for my next objective at 1169.50. Overcoming 1169.50, then, that will be my next support to work from for 1179.00 objective. Overcoming 1179 will set the stage for 1186 objective.

For the down side: I will look for the market to move below 1151.75. Then use 1151.75 as a ceiling for my next down side objective at 1143. Below 1143 will be 1132 as next objective. If the ES moves down to 1132, It's possible that will extend to as low as 1123 looking for support. -- 1123.50 is also Sep. 12 low.

In a nutshell here are the numbers for tomorrows session. The bold numbers are important S/Rs. the others are minor s/r. If you find congruency between the numbers posted below and the ones you got, and the market is trending in that direction, then it's most likely the market will hit it.

For Sep. 22.. Thursday

Buy above 1156.25
with 1160.50 / 1165 / 1169 / 1179 / 1186
Extreme 1194
as outside resistance and objectives.

Sell below 1151.75
with 1147 1143 / 1139 / 1132 /
Extreme 1123 / 1113
as downside support and objectives.

As always, the market has the last word and in due time will show us the way.
I see for you the same I see for my self: having the very best of luck and a fun, profitable trading day!
I have a bear flag forming on my 24k tick chart
bought 3@21 sold [email protected] and the other @28 holding the 3'rd til my stop is hit@27.. tempted to add again here. The rreasoning for the 21 purchase, bottom of level, clear to see on the 240time frame.. 2pt stop.. worth a shot
I have 2 stocks on my board that are up F and BBBY
Dellam RIMM is up too....amazing
23.50-29 is a S/R zone.. 23.50 is the buy area if you choose to go long because if 23.50 get taken out, assume 20 to be the target again.. If you get in on the buy side the assumption is it will gun for 29 when it does go up.. if you have 3 contracts, that's where you will take off the 2'nd and hope to get lucky with the 3'rd until your stop is hit anywhere in between... If price remains below 29, assume trend will continue to the downside
3'rd time down.. This is not a high prob long.. better to wait for price to re-enter 23.50 and hold it for a while to go long .. Better yet, wait for 1:15 to give directional bias..
1114/1111 is the next S/R zone & point of contact if you want to engage, 1111 is a high prob trade the 1'st n 2nd time down as we're overextended now, but the target is 1114.. I would scale one out@12 the 2'nd@14 and hope to get lucky with the 3'rd with 1111 as the stop assuming we get there
The first significant move off of the pit high of 1136 was to 1128.25. We already hit the initial projection of 1123.5 and the full projection is 1115.75.
so far a failed breakout of the Overnight lows....volume is symetric so if this trade "sticks" the ultimate target is 26.50 volume
Interesting that they couldn't find sellers under, now can they find buyers here? This move would be more significant if it was after 1:15
Thank you from me too Bruce!