ES Tuesday 7-16-13

I think if you are not willing to use a wider stop - 2.5 points or more than most of us should probably not be trading the market now. Especially outside of the first 90 minutes.

For me the magnet today is 1677 and I will be watching if we can get back under the high of last week in order to eventually get the gap fill from Friday .

My first ideal scenarios would be to see them run out the O/N high above 78.75 to look for the short to test 77 or to have price drop to 74 - 75 in order to try a long for the 77 magnet....not sure they will give us the ideal trade today and it would be best if the 77 doesn't print before our areas trade to first.

my other area of possible support is 70 - 71.50. Above we have 80.50 as a contract high on my data...I will be watching all markets and volume if we push above with expanded volume.

Good luck today...we will need it
if 77.75 can hold back any brief rally now our runners can try for the lows at 75.25
Nice call this morning Bruce spot on
thanks sharks..had to make up for yesterday....I think if we can get lucky with this 10 am report we have a shot to get that gap fill but for me I will try to get out at 71.50 on last....

either way we will need to stay inside last weeks highs and not come out above by more than 2.5 points in order to get that gap ultimately...

if we all think hard we can trend it down !! nice the way volume is coming in at last weeks highs !!
just stuck inside the IB...disappointed the news didn't go our way but it was still a good morning....they did what was expected....we got lucky but we didn't get REALLY lucky today...yet !!

the logical side says that as long as they are done with the 77 magnet then they should push out those multiple lows at the IB...

there is a big difference bewteen multiple lows that are made during the first hour of trade and multiple lows that form at some other time of day...

multiple IB lows deserve your attention!!
closing up shop at 1672 today...I don't want to be tortured down here to hold on for .25 points...good luck if ya stay and play and be COOL !!....

Bruce - the summer position trader !!!