ES Tuesday 01-10-12

As I type the market is moving higher in the Overnight and up against that 88-89 area mentioned last week. I think the most important level to monitor will be 1283 - 1284 to see if that can hold as support.

We have daily and weekly pivot players there, Octobers monthly highs and now a low volume area in the overnight also.

Moving higher we get into the 94 - 96 area and then the evil 1300.
Below 83 - 84 is last weeks RTH high so 77.50 - 79 is a key zone.

Everything seems to be playing out in 4 - 5 point increments in this diminished volatility. Lets hope we begin to expand soon.
Big volumes but no price movement

Click image for original size
2012 01 101156
VOlume chart update. LV node at 1284.25

Click image for original size
2012 01 101227

Click image for original size
2012 01 101235
Volume is now above us

Click image for original size
2012 01 101532
hard to imagine such a small range...I really thought we would at least hit 81 - 83 today...still half hour left...very strange day for such a gap...a good day for research....just pointing out the minus 4 hit for fun...didn't trade for it

only attempt for me now will be a failure at 86.50 that makes new lows..this would be a breakout trade down and aggressive in general..
Well Bruce, bears tried, and on a good volume. Further to your previous comment, it is hard to imagine such a low volume on a breakout (on the daily chart). market should be buzzing, but there is no volume.

Does anyone knows when are the Spain and Italy bond auctions? I know it is this week, but do nto know when.
Agree, Lisa and Bruce. The gap up into 1290 should've had much more action with either an end of day run up towards 1300 or have been slammed by selling. The doodling around and "relatively" narrow range has me wondering what's up with big money [the actual market movers] out there currently.

Need some more revealing price action in the next day or so to "recalculate" where the mkt wants to go. I'd expected a run up to 1300 based on analysis I'd posted a few places during the past few days (NOT). Go figger?!?