ES 1/9/13 & 1/10

Here we are again, like groundhog day. Yesterday we probed a little lower into Jan 2nd value area and volume built around the 49 to 49.50 area. Buyers came in late and pushed it back up toward that 52-53 comfort zone. Overnight I show a 56 high, just recently attained. I do show trades later last evening up to 56.75, anyone else got that. Either way it was pushed back down. If we open now it would be above yesterday's value area and the O/N low is at the top of that. Will we retest the 49 area?

we had On highs, the 55 as POC from friday, yesterdays highs,, mondays highs...poc from monmday..all in a 3 point range !...that leads to confusion but eventually value will build and we will move away from there...I'll wait till then


one small loser and one 2.25 point winner..not much offered today but only 5 points of range

as we approach the last 90 minutes of trade we'd like to see a break above 57.50 that turns into support and then a neutral extreme close...that being trade on both sides of the IB that closes at it's highs in this example....that should push us towards last weeks RTH highs

predictions are fun and there is nothing here to do unless we see that 57.5 start to print again..that is peak volume and time right now !

today we opened right at the objective for those crazy enough to hold overnight trade.....


the minus 4 number today falls right at todays magnet price of 1459.50!!!

Originally posted by BruceM

I look at yesterday as a failed down auction below a bell curve...MP theory would state that they should try for the other side of that bell curve so I expect last weeks highs to be traded and targeted soon.....


open - test and drive out of value so far today so being more cautious on any selling fades up here

they are working on the "w" pattern so this next leg should be down ..hopefully into the key number at 59.50...either way I'm still watching last weeks RTH highs for clues up here and taking multiple stabs on the short side for now

Took one short stab early at and wrestled with it before pulling the plug, took point loss.

so far we are looking like a failed break of the otherside of the bell curve mentioned yesterday and if that is true then we will get the gap fill down into the 55 - 56 area still today but lets get the minus 4 and yesterdays RTH highs first

It's all at 62.25 right now. Might wait until we break IB low, into the small gap and look for some conviction down.

If this low holds until we close out the hour.

Well that was fast.

3rd leg of the "w" complete...I'm not buying to initiate down here, just to exit shorts...I don't like the market structure or the potential on the long side even though we are at the key minus 4 - 5.5 zone...I'll let standard pitbullers try for that trade


key overnight volume was at 59.50 too so we need to watch yesterdays RTH high closely as that is why that O/N volume spiked in there

had to revise my magnet price down a bit for today - Friday...now it is 66.50...so all the On volume is near yesterdays close...I'd like to see a push below 65 to set up the long if we open and don't print the 66.50 first

ideal short will be above 68 ....both trade ideas will work better if we don't print 66.50 first in the day session

secondary support is 62.75


pitbull zones should work well today